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For Sale: Garden courtyard Beach Village apartment 408

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Price: $560,000

The apartment is a 63m2 one bedroom unit with sunny garden courtyard. It has a full kitchen open plan to the lounge area. It is unfurnished and is suitable for use in the Nightly Stays income group, for Long Term Rental or for Personal Occupation. It could therefore be your holiday spot, an investment or your permanent beach village home.
∑    The title is CT107381, Stratum in Freehold, Lot 4H, Accessory Units 10-11, Storage unit S6 and 1/150th share of Accessory Unit 1, DP 326421
∑    The current CV is $270,000 (Land value $150,000 Improvements $120,000)
∑    Body Corporate $3221.14 pa
∑    Current Rates are $1298.65 pa
∑    The Nautilus is the iconic one and only existing high rise development right in Orewa Beach Village. It has facilities for the occupants of heated lap pool, spa, sauna and gymnasium. In easy walking distance are Cafes, Restaurants, Supermarkets, Medical, Beach and walking or cycling tracks.
∑    The building is approximately twelve years old and has concrete floors, steel beams, treated timber and steel frame partitions and composite aluminium cladding. The owners have been through a six year protracted claim process and have won a substantial settlement over issues to do with the cladding, waterproofing and workmanship. The funds are in the bank and repairs are underway. Repairs are expected to take up to two years in total with one quarter of the building being fixed at a time (this detail to be further clarified as the building schedule is developed). There will therefore be a period of time for each apartment where occupancy will not be possible whilst local repairs are carried out.
∑    Claim funds of over $23m were awarded. The full judgement that includes details of all the works required can be read here: http://raineylaw.co.nz/assets/body-corporate-326421--anor-v-auckland-council--ors-civ-2009-404-008136-....pdf
Printed copy can also be made available to registered prospective purchasers.
∑    Repair funds held in trust for this apartmentís repair (before interest gained) are noted as $126,814.65. All these figures will be confirmed as part of any purchase process.
∑    We have been advised by the Vendor of their intention to leave in the repair claim funds required by Body Corporate. Any escalation or future costs would then be the responsibility of the Purchaser.
∑    Please feel free to ask further questions and to carry out recommended due diligence, we will assist wherever possible.

Eric & Freda Blake, LINK Business Broking Ltd, REAA 2008
Tel: 09 4270131 Ext 0 or 021 702224

 

Contact Sales Person

Freda & Eric Blake (LINK Northland, REAA 2008)
P: 09 4270131
F: 09 4266984
E: ericb@linkbusiness.co.nz