There have been few figures who have aroused such intense and lasting reactions as those of the Iron Lady; everyone has an opinion of her. Depending on one’s view of her, words used to describe may vary wildly and can be completely contradictory: cold, hard, beautiful, hideous, record-breaking, unsightly, long serving and suffering, a dominating figure, globally recognisable, radical, indomitable, stubborn, a game-changer iconic, a landscape changer, unique, symbolic. I am, of course, talking about the Gallic Iron Lady, the Eiffel Tower, or as she is sometimes known colloquially the Dame de Fer.
Another word frequently associated with the Iron Lady is privatisation, which is exactly what is going to happen to the Eiffel Tower. Yes, we are delighted to announce that this most iconic monument has just come onto our books. In an interview with Thames TV in 1976, our very own Iron Lady, Margaret Thatcher, remarked, “Socialist governments traditionally do make a financial mess. They always run out of other people’s money. It’s quite a characteristic of them.” Perhaps her words are proving to be a prophecy since Socialist-ruled Paris has been forced to sell its greatest attraction in order to help generate much-needed funds for the ongoing ‘Le Grand Paris’ project.
Buy your own piece of history and heritage
A total of 4000 shares are for sale, for a total of €800 million. Each share will be sold under the French leaseback scheme, with a price per share of €200,000. Welcoming around seven million visitors per year, this is a superb and exciting investment with a guaranteed annual return of up to 5%. Imagine being able to say that you own the Eiffel Tower (albeit partially)! Additional owner benefits include VIP access to the Eiffel Tower restaurant along with unlimited access to the tower throughout the year – even in peak season.
If, like many Parisians, you have never been up, you are missing out. There is a reason this Lady’s still standing tall. The views are incredible – the third-floor viewing platform is higher than that on the 72nd floor of the London Shard and you don’t have the comfort of being inside. The Eiffel Tower by night is dazzling; it takes 20,000 lightbulbs to make it glitter every hour on the hour at night.
Having survived two World Wars and being twice ‘sold’ as scrap metal by con artist, Victor Lustig, ‘the lady’s not for turning’ – she’s seen not going anywhere. Renovation work on the first floor has recently been completed, having been carried out over two years and at a cost of €30 million (around £22 million) to the city of Paris as a celebration of the tower’s 125th anniversary. The Iron Lady has never been in finer form.
A sound investment
Since the 324 metre-tall construction has recently enjoyed an expensive face-lift, co-ownership charges will be low and the management company will cover the hefty charges of repainting of the tower, which happens every seven years and requiring 60 tonnes of paint. In line with current trends, the tower is greener than ever today; some toilets now function using rain water and four solar panels have been recently installed which provide around half of the hot water requirements for the monument. The management company takes care of everything: queue regulation, bookings, day-to-day maintenance, insurance etc. You are free to enjoy ownership of a unique, historic and symbolic property, which is likely to increase in value and offer year on year cumulative rental income.
The advantage of buying through the French leaseback scheme is that there is no income tax on this French rental income. So a UK buyer won’t have to pay tax on it thanks to the dual tax treaty between France and the UK. Furthermore, with the pound at a seven year high, you can get more of the Eiffel Tower for less money. Buyers will even benefit from reduced notaire fees in addition a 20% VAT rebate on the price of the property, paid to the property owner upon construction completion. Mortgages are widely available.
Since its opening in 1889, almost 250 million people have visited the tower; making it the most visited paid-for monument in the world. Does it go without saying that it is one of the most sought-after addresses in arguably the most beautiful city in the world? This is a once-in-a-lifetime investment. And maybe don’t ‘Tell Sid’ about this exciting offer as we expect the lot of Eiffel Tower to be sold out very quickly!
Happy 1st April!