- Location & amenities Tourist residence classified 2 stars in a quiet setting, on the edge of a park, town centre accessible on foot, town-centre beach about 1 km away, close to Montpellier and the Camargue. Family residence made up of apartments with terrace or patio Condominium built between 1975 and 1993 , comprising 95 lots , of which 53 main lots, 50 residential lots and 42 parking spaces . - Operator Contractual operator: PV Exploitation France SAS , a company of the Pierre & Vacances-Center Parcs group. The group shows a cleaned-up operational position: over the first nine months of the 2025/2026 financial year, tourism activities rise by 4.5% , with group economic revenue of €1.304 bn and an annual adjusted EBITDA target maintained at €185 m . The Pierre & Vacances brand notably shows growth of 9.1% in the third quarter . Official results for the third quarter of 2025/2026. A takeover project by Mubadala Capital is under way. The agreement is supported by commitments representing 80.13% of the capital, but the transaction remains subject to regulatory approvals and conditions, with filing of the offer expected by the first quarter of 2027 at the latest. This change in shareholding does not currently alter the obligations of the lease, but it deserves monitoring. - Investment & commercial lease Amendment & renewal of the current lease: 1 October 2026 to 30 September 2035 , i.e. a contractual term of nine years. Major point of vigilance: the amendment is subject to the signature of at least 28 lots of the residence before 30 September 2026 . This condition is stipulated solely in the interest of the tenant, who must notify its fulfilment, failure or waiver by 31 October 2026 at the latest. Fulfilment of this condition must therefore be duly evidenced. The amendment does not expressly state that the lease is firm without a triennial break. The other clauses of the original lease remain applicable, so it should be consulted before describing the lease definitively as “firm for nine years”. Annual indexation on the IRL , with variation capped at 2% per year , both upwards and downwards. If the landlord refuses renewal, the tenant benefits from the commercial lease statute and may claim an eviction indemnity . - Contractual works Renovation programme planned for the home, with sharing Pierre & Vacances: 35% Landlord: 65% A second obligation of works is provided at the end of the lease in 2035: works to adapt comfort, furniture and decoration, borne by the landlord. This end-of-lease obligation is separate from the current contribution and must be included in the wealth projection. - Rental management and charges Managing agent: SOGIRE , a company of the Pierre & Vacances-Center Parcs group. The tenant notably bears: recoverable rental and operating charges; routine maintenance and tenant repairs; household waste tax; replacements resulting from lack of maintenance or damage attributable to it. The landlord notably retains: property tax and taxes legally attached to ownership; managing agent fees; contributions to the works fund; works under article 606 of the Civil Code; major equipment, façades, joinery, compliance works and replacements due to wear. As long as SOGIRE remains managing agent, recoverable charges are paid directly by the tenant. Certain non-recoverable charges advanced for the landlord may be charged against the rent. Please note : minutes of the AGM of 20 May 2025 – Key points Limited participation: 13 co-owners present or represented out of 48 , representing 3,229/10,000 shares. 2024 accounts approved unanimously for €184,818.36 . 2026 forecast budget approved at €191,065 . ALUR works fund contribution set at the legal minimum of 5% of the forecast budget , i.e. around €9,553 per year for the whole condominium . Both proposals for carrying out the collective DPE , from SOCOTEC and Audit Technic, were rejected. This obligation therefore remains to be regularised. Preparation of the PPPT entrusted to SOCOTEC for €4,440 incl. VAT. The report must then be presented to the co-owners in order to determine and vote on any ten-year works plan. A letter from the town hall concerning the façade renovation is mentioned for information, with no works or budget voted in these minutes. The PPPT, the collective DPE not yet ordered and the façade question are the main items to monitor at the next general meeting. Conclusion : Seaside tourism asset with a coherent location, close to the town centre and the beach, operated by a national player whose operational performance is currently well oriented. Renewal until 2035 provides interesting visibility, but this remains conditional on the formal lifting of the 28-signature condition . The operation must immediately factor in the contribution to the works, followed by a new indexed works envelope at the end of the lease. The condominium is old and is entering a diagnosis phase: PPPT in progress, collective DPE not yet commissioned and façade renovation under discussion. Wealth reading favourable subject to conditions , suited to an investor seeking a managed LMNP asset in a seaside resort, with no personal occupation and no day-to-day rental management. Essential prior checks: certificate of fulfilment or waiver of the suspensive condition; communication of the original commercial lease to verify the triennial break and the clauses left unchanged; precise schedule of the renovation works and confirmation of their payment; delivery of the PPPT and the next AGM minutes; estimate of the future residual share linked to the façade renovation and end-of-lease works. Apartment - 2 rooms - 4 persons Pierre & Vacances - Lease expiry: September 2035 Condominium lot no.: (please use the form to respond ) / Sale no.: 202 / Physical no.: 202 Fees: SAPHIR Property tax: €648 EPC: E / GHG: C
