In May 2003, Lilian and Martin
visited friends, Pete, Karen & Jade, then living in La Pinosa in
the Vallespir in the French Pyrenees. In the nearby village of Saint
Laurent de Cerdans they spotted a house for sale at 9,
rue Joseph Nivet
~ now often referred to as Numero
Neuf or Number Nine.
By the Autumn it had been bought by the SCI La Maison de la Placette, a French
company set up for the purpose with a capital of €70,000 and
issued shares at 70€ each ( 500 owned by Lilian and 500 by Martin
). Immediately a programme of
renovation commenced and lasted six
months. Some of the workers elected to be paid in shares.
Over the last four years many people have stayed in Numero Neuf, even
more have used the community resources it provides. It has also been
used by the association, Les Amis du
Numéro Neuf, in the hosting of their Solar
courses. It is the current permanent residence of Pete, Karen, Jade
vision is to create a model of an
eco-aware renovation of a traditional Catalan house on a sound
The SCI has been generating a growing
stream of income from rentals,
including the Solar courses. This is not enough, however, to complete a
full renovation programme and thus achieve its maximum potential
capital value or income.
As a result we would expect to
see a significant increase in the market value of the property
The share offer closes 14th February
Some 700 new shares at 70€
each are available for purchase
Financial and taxation Issues
net profits of the
SCI will be applied to creating and maintaining a general reserve
for the continuation and development of 9 rue Joseph Nivet and
further property rather than paying a distribution to members.
remuneration and service contracts
Martin Lowe, is unpaid for his
services as gerant in the
administration and financial management of the SCI.
La Maison de la Placette was incorporated and
registered as a Societe Civile Immobiliere in France on 10th November
2003 with registered number:
RCS PERPIGNAN, Code
450 587 613 00016. Its registered office is at 9 Rue Joseph Nivet, Saint
Laurent de Cerdans, 66260 France.