Ad ID: 56660

Courtyard Apartment Business for Sale Orewa Auckland

Sunny Garden Courtyard Apartment, Orewa Beach

Business Description

Courtyard Apartment Business for Sale Orewa Auckland

The apartment is a 79m2 Two Bedroom unit with big garden courtyard. It has a kitchen open plan to the lounge area. Available Furnished or Unfurnished but with laundry white wear either way. Sunny north side location. You can occupy or it could be your holiday spot and an investment.
- The title is Stratum in Freehold, Lot 4D, Accessory Unit 255-256 , Storage unit S156 and 1/150th share of Accessory Unit 1, DP 326421, CT107377
- The current CV is $340000 (Land value $205,000 Improvements $135,000)
- Body Corporate $3946.54 pa (new 2016 period indicated at no increase)
- Current Rates are $1476.05 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 eleven 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 about to commence early 2016. 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 apartment's repair (before interest gained) are noted as $155,360.58 including a 15% contingency. 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.


As a rental investment can return $500-550/week gross, management fees are 8% + GST, also can join the short stay hotel group so that Owner stays are also possible
Ref: NL00029

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