What does it say on your business card? Brian Stevendale, Business and Commercial Director, Ocean Village.
Where are you based? On the sunny rock of Gibraltar, a British overseas territory right at the tip of Europe where the Mediterranean meets the Atlantic. It’s a quaint mixture of British high street stores, a busy Morrison’s supermarket, pounds sterling for currency, English as the main language and red telephone and post boxes – alongside strong economic growth, an advantageous tax environment and rapid growth in the financial services and internet gaming industries. It’s a fascinating place.
What is your business? Ocean Village is part of Fairhomes which is a leading property development and investment company. In Gibraltar we have completed phase two of our ambitious multi-million mixed-use resort encompassing commercial premises, residential plazas and luxury marina berths and we’re now turning our attention to constructing a World Trade Center to capitalize on the massive business interest in the Rock. We are also working on several other property development activities across the globe.
How many people do you employ? Over 20 people in marketing, accounting, facilities management, marina staff and so on. Our office is a modern glass-clad building at the heart of Ocean Village on Leisure Island, reclaimed land that is now home to Gibraltar’s only casino, a restaurant-nightclub and O’Reilly’s Irish Pub – great for an after work cold one.
What about buying/mortgage trends? Gibraltar remains a positive buying environment and banks are lending more freely now. We never had a recession, GDP growth was 6.5% for yearend 2011 and is projected to be minimum 5% this year, so it’s a pity that buyers, especially newcomers to the Rock, caught a cold from what was happening in the rest of Europe. In Gibraltar unemployment is almost nil, tax is very low – corporation tax of 10% and personal income tax up to a maximum of 25% compared with Britain’s 50% - and no one pays VAT, capital gains or inheritance tax. The case is therefore very compelling for high net worth individuals and the current trend is to build more expensive, luxurious, quality homes to accommodate them. Of course land is an issue, hence our decision to build Ocean Village’s luxury residential plazas up to 17 storeys high. All of our properties sold out within days of going to market and there is further pent-up demand for luxury homes with quality health and leisure facilities.
How interested are you in property? Very, it’s a real passion. Good thing as Fairhomes is currently working on projects in the United States, UK, Far East, Northern Africa and mainland Europe - particularly Spain and Germany. We’re also going to begin development of Gibraltar’s World Trade Center this year which will be a huge milestone for the Rock.
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