Ad ID: 58161
Two bedroom Apartment Business for Sale Orewa Village
Two bedroom Orewa Village apartment
Business for Sale Description
Two bedroom Apartment Business for Sale Orewa VillageBrilliant village and ocean outlook sunny North side apartment with generous layout, full kitchen, nice lounge area and big balcony. The Nautilus is the iconic Orewa spot right in the heart of the beach village. The owners' claim is settled and repair funds are in the bank, so grab this opportunity before values fully return.
Apply now for full details!
The apartment is a 86m2 Two Bedroom unit with big balcony. It has a kitchen open plan to the lounge area. Unfurnished but with laundry white wear. Sunny north side location. You can occupy or it could be your holiday spot and an investment.
- The title is Stratum in Freehold, Lot 6C, Accessory Unit 217-218 , Storage unit S97 and 1/150th share of Accessory Unit 1, DP 326421, CT107410
- The current CV is $350000 (Land value $200,000 Improvements $150,000)
- Body Corporate $4340.84 pa (new 2016 period indicated at no increase)
- Current Rates are $1501.40 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 have commenced Dec 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 $171,022.95 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.
Contacts: Eric & Freda Blake (agents and on site building managers at The Nautilus Orewa)
Interested In This Opportunity?