Director, | BOP, Coromandel, Auckland CBD
Mob: +64 21 99 88 10
Phone: +64 9 369 9700
Director | BOP, Coromandel, Auckland CBD
It is hard to find management rights for sale in the Auckland market and when they come available they are generally swooped up. Scene Three will be no different. The location and excellent management agreement by way of an encumbrance is in perpetuity. The numbers in the rental pool could be increased as they are down to around 65 at the moment. The total number in the complex is around 164 so there are a lot to potentially pick up over time.
The block is 16 storeys in height and has a mixture of 1, 2, and 3 bedroom apartments. It was completed in 2003 and stands on leasehold land.
The managers apartment is generous with 3 bedrooms and there are 4 carparks included in the price. The other proprietors in the complex also pay a rental for you to occupy your apartment and contribute towards office and other costs. There is also an office included of around 12 square metres on the second level.
The location is wonderful given its proximity to the Countdown supermarket, Smart Stadium, railway station, Britomart and the central business district.
Approximate Yield: 20% plus real estate
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:
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.
Disclaimer: We do not accept responsibility for mis-statement or error contained on this site. Interested persons should rely on their own enquiry. All prices are plus GST if any unless otherwise stated. If the transaction is recognised as a going concern then the sale should be zero rated.
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