Vibe Lumina Apartments, Auckland Central

Property Name: Vibe Lumina
Address: Ground Floor,16 Market Place, Viaduct Harbour, Auckland
Property Type: Management Rights
Sale Type: Management Rights
Price: Contact the Agent to discuss the asking price
Region: Auckland

Agent's Comment

As Auckland's leading Management Right specialist, having achieved numerous MR sales to YE March 2011, I believe this investment undoubtedly boasts location, return, and simplicity for an owner operator. I sold this complex off the plan and am delighted to bring this to the market on behalf of my original purchasers.

Investment Information

This fine apartment development know as Vibe & Lumina "the Parc" are two of seven buildings. There are a total of 62 apartments in Vibe and Lumina (41 & 21 respectively). A further 61 apartments make up the balance over the remaining five buildings.

This unique development offers residents a park-like feeling right in the heart of the Viaduct Harbour's dining, entertainment and harbourside social mecca. Lumina and Vibe enjoy a sunny aspect with views across the citrus grove and swimming pool, a gymnasium, spa and sauna are also available to all residents of the Parc development. 

An exceptional opportunity exists for an investor to purchase this successful business within the Viaduct basin.

Owner's Accommodation

A good sized two bedroom two bathroom apartment is located on the ground floor. A significant feeling of space is evident due to the 2.7 meter high stud, also a balcony opens off the main living area directly on to Market Place. The manager's apartment is close to the main entrance office/reception.

Features

What is on offer?

The purchase includes the following:

Real estate

• A unit titled two bedroom, two bathroom manager's apartment, car park
• The office/reception (stratum in leasehold)
• Storage areas
• All located within the Vibe complex

Business Components

• Remaining years of the 30 year Management Agreement (10 x 10 x 10) - commenced June 2007
• The on-site management of both Vibe and Lumina apartments
• Body Corporate Salary
• Manager's Apartment Contribution paid to you by the Body Corporate
• Business chattels
• The business trading as Vibe Property Managers currently managing 64 apartments
• The website and brand name www.vibeapartments.co.nz plus signage

Asking Price

Contact the Agent to discuss the asking price.

For more details on this opportunity please contact Lindsay Sandes on 021 895 940, lindsay@resortbrokers.co.nz

Potential buyers should review an Australian summary of management rights by clicking on the reference below which is a historic and dated document but sets out the salient issues around management right ownership and operation.  Much of the content is relevant to the New Zealand situation:

http://www.resortbrokers.co.nz/research-and-reports/58/

There have been recent legal decisions with regards to the status of some of the provisions commonly found in management rights contracts in New Zealand.  We recommend that all potential buyers of Management Rights seek legal advice.

Downloads

Confidentiality Agreement Vibe.pdf (144.98 KB)

View Larger Map | Please note, the location shown may not be exact