Wanaka Edge Apartments are extremely competitively priced from $395,000 + gst (if any) - including furniture package.
In GBPs sterling, this is approx £156,250.
Payment Schedule:
1. A $5000 NZ dollar deposit will secure an apartment.
2. A further payment of 10% of the total agreement price (less the deposit) is due within 14 days of signing the Sale and Purchase Agreement. This amount would be $34,500 NZ dollars on a standard purchase.
3. The total balance is payable upon completion.
There is finance available for UK buyers. Please ask for further details. The finance terms will depend upon buyer’s status.
Other purchase costs
i) Body Corporate Fees
Estimated Body Corporate fees are $3047.31 NZ dollars. This is commensurate with other serviced apartment complexes of this size.
The Body Corporate fee includes insurance cover on the building and contents cover including the furniture & fittings package to a maximum of $24,000 per apartment. During construction a Construction Insurance Policy covers the Building.
The Body Corporate fee also includes spa, sauna & ground maintenance, common area, electricity and communal 5 channel sky digital TV.
ii) Rates
These have been estimated at $2576 incl. GST per annum by Bayleys valuations Ltd in liaison with Queenstown Lakes District Council, and will be confirmed once construction is completed. There is provision for remission if the apartments are managed for more than 5 years.
Rental Returns
Rental returns are guaranteed at 8% net for the first 2 years. As the resort will be open for business in December 2005, buyers will begin to have an income through rental immediately upon completion.
Rental returns are expected to average 10 to 12% net once the resort is more established after one year of trading.
Capital Growth
Capital growth projections centre around 10 to 15% per year. For the next 3 years growth rates should be higher than this due to increased tourism marketing by the region and NZ in general, plus the introduction of international flights at Wanaka airport.
***There is no capital gains tax to pay in New Zealand.