Apartments Investment Information
Introduction
This is a brief summary of the documentation for the proposed development to be known as "The Wellington Apartments". This summary is intended to assist purchasers and their advisors in their perusal of the documentation associated with the development. It is not intended to be an exhaustive or binding explanation as to the nature and effect of the documentation and does not form part of any contract.
Please contact Leaders for more information.
Investment Apartment Pricing
Pricing will start from $300,000 for 1 bedroom apartments, up to $440,000 for 2 bedroom apartments. Please contact Leaders or Gillies and Mark for more information.
Maisonette apartment units are also available, priced from $470,000 to $975,000. Please contact Leaders or Gillies and Mark for more information.
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The Developer
The Wellington Apartments will be developed jointly by Wellington Cuba Construction Limited (WCCL) and Wellington Serviced Apartments Limited (WSAL), jointly referred to hereafter as "The Wellington" both are part of The Wellington Group of companies.
The Wellington Group is owned equally by Phil McGaveston and Rex Nicholls. Both have a long history of owning and refurbishing older buildings and giving them new economic futures. This site is destined to be a major short term accommodation provider in the heritage/boutique 3½ star range. They are leaders in quality upgrading of upper Cuba Street in advance of the bypass extension/revitalization.
Please contact Leaders for more information.
Ownership Of The Development Land
All apartments will be offered as unit titled property, with freehold ownership of the land.
Deposit
The total deposit for the purchase of the unit is 15% of the purchase price, payable:
- $5,000.00 immediately on signing the agreement; and
- the balance within 30 days after your lawyers have performed any required duties.
The deposit is part of the purchase price and will be held in the trust account of Knight Coldicutt, Barristers and Solicitors. The Wellington is not entitled to access the deposit until the apartment is completed and a title has issued for it.
The deposit will be placed in an interest-bearing account. On settlement date the purchaser will receive a credit for the deposit and interest earned on it, less resident withholding tax, stakeholder's commission and bank charges.
Taxation And Financial
The following should be noted in relation to taxation and financial issues:
- The purchase price is inclusive of Goods and Services Tax;
- No stamp duty is payable on the purchase of the apartments;
Purchasers may be able to depreciate the fitout component of the Purchase Price.
Please contact Leaders for more information. | 
