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How
many apartments are there?
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There
are 35 self-contained 5-bedroom apartments.
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What
am I buying?
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You are purchasing a
strata-titled
self-contained investment
apartment that is managed on your behalf by an on-site manager.
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What
is UNITEC Residential Village 3's address? |
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UNITEC
Residential Village 1510 is located within the UNITEC
Institute of Technology at 1510 Great North
Road, Avondale, Auckland.
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When
is the estimated completion date? |
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UNITEC
Residential Village 1510 has been completed in 2003
and is now in operation.
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Who
is the developer? |
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The
developer for UNITEC Residential Village 1510 is
Townscape Consultants Limited (Townscape).
Since inception in 1988, Townscape
has completed about fifty projects of varying
sizes. Of these projects, no less than seven have
been recognised with Architectural Awards. The company is highly specialised, with an
extensive background in Architecture, Engineering
and Construction.
Townscape began specialising in
student apartments in Wellington in 1998. The completion
of the Te Awhina Student Apartments early in 2000
marked the establishment of Townscape in this
specialist field.
In 2001, the Drummond Street Student Apartments
were completed in Wellington, being the second
complex for Massey University.
Early last year, the UNITEC Residential Village
I Student
Apartments opened to students.
Two complexes, including UNITEC Residential Village
3 were
completed in 2003 in Auckland.
Townscape is currently constructing a third complex
in Wellington for Massey University. This is due
for completion in July.
In the area of student accommodation, the
company is at the leading edge of developing new
and innovative solutions. The success of both Te
Awhina and Drummond projects is evidence of a
clear understanding of the needs of the students
and the needs of the investors. The level of
satisfaction of the investors is shown in the vote
of thanks unanimously supported at the first and
second Body Corporate meetings. The level of
satisfaction of the students is shown by the fact
that the facilities are full, with waiting lists.
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What
does the Body Corporate do? What does the Body
Corporate cover? |
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The individual
strata apartments will come into existence by the
registration of a plan of subdivision. On
registration of the strata plan, a Body Corporate
for UNITEC Residential Village 3 comes into existence and as an owner
you are a member of that Body Corporate. The
essential duty of the Body Corporate is to take
care of the
administration and general running of the complex
such as all general maintenance and upkeep of
facilities, foyers & corridors areas, common
areas, grounds and the building. The Body
Corporate holds the common property on its name,
but on behalf of all apartment owners in shares
proportional to the unit entitlements for UNITEC Residential Village 3.
The body corporate covers a variety of expenses
and includes cleaning of common areas, building
and public liability insurance, garden
maintenance, fire services maintenance and
management.
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What
facilities are there for tenants? |
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All
apartments are self-contained with kitchen and bathrooms.
There is also an office, a store and a laundry for
the students convenience.
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What
sort of demand is there for this type of
accommodation? |
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There are currently three accommodation options
within the UNITEC
Institute of Technology Campus - namely Oak Hall which
offers 75 single rooms, The Residential Village
which contains 34 five-bedroom flats, and UNITEC
Residential Village 3 which offers 134 beds in a
mix of single-bedroom apartments to five-person
flats.
As the number of in-campus accommodation is
limited (catering to only 2.1% of total student
population) and the hostels fills up quickly,
students are advised to apply well in advance.
The shortage in supply is also aggravated by
the increase in the number of international
students studying in New Zealand.
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Who
is responsible for paying my return? |
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The UNITEC
Institute of Technology, who is the lessee of the
development for a period of 10 years with an
option to renew for a further 10-year term, is
responsible for rental payments. UNITEC in turn
leases the apartments to the students on a bedroom
basis under a tenancy agreement.
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Who
looks after maintenance on my apartment? |
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C.P.I.-Townscape
Joint Venture is engaged by the Body Corporate to
manage maintenance of the complex until 1st February
2006.
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What
outgoings are payable on my investment? |
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Outgoings payable include Body Corporate
fees and management
costs as defined in the lease.
Annual ground rent is payable after the 15th year
of land lease at 6% of the land value.
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Can
I sell my investment at any time? |
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Yes,
you are free
to sell your investment at any time, just as you
can with any property.
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Should I
pay cash for an investment property? What quantum
of financing is available? |
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Generally,
no. The golden rule for property purchase, be it
for your own use or for investment, is to use
leverage, i.e. to use other people's money (in
this case the banks') to pay for an appreciating
asset. Interest expenses are fully tax deductible.
Financing available for the project is as follows:
| Type
of Loan |
Maximum
Quantum
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Interest
Rate
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| NZD
Loan
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70% for Studio &
2-bedroom with 1 bathroom units;
80% for the rest, i.e. 2-bedroom with 2 bathrooms
to 5-bedroom units |
6.75%
(fixed for 1 year)
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| SGD
Loan
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50%
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2.5%
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Who
can purchase apartments in UNITEC Residential
Village 3? |
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Anyone,
i.e. a local or foreigner, with the financial capability
can purchase units in UNITEC Residential Village
1510.
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Are
there restrictions on resale?
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No,
there are no restrictions on resale, meaning that
a owner is free to sell to a willing buyer, be him
a foreigner or local.
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What
is the purchasing procedure?
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The
purchasing procedure is as follows:
- Pay SGD3,000 booking fee upon
booking of a unit.
- Sign the sale and purchase
agreement within the next 3 working days and
pay 5% of total purchase price.
Deposits shall be held in an interest bearing
trust account with the vendor's solicitors.
Net interest shall be either credited to the
purchaser on settlement date against purchase
price or paid directly to the purchaser on settlement.
- Pay the next 5% of total purchase
price to bring the deposit up to 10% of total
purchase price within the next 21 days.
Booking fee of SGD3,000 shall be refunded to
purchaser.
- Balance of total
purchase price is payable 30 days later, i.e.
upon settlement of property.
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What
about Goods and Services Tax (GST)?
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The apartment
price is zero-rated for GST as a going concern.
All such purchasers are required to be registered for
GST prior to settlement.
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Why
should I buy an apartment at UNITEC Residential
Village 1510? |
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Buying
an apartment in UNITEC Residential Village 1510
secures you an investment in a major growth industry
in a major growth area - education is the 2nd largest
growth sector in New Zealand - and enables you to
benefit from an easy-care investment which is professionally
managed.
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