Full Description

An Idyllic Waterfront location, situated right in the heart of Paihia, in the stunning Bay of Islands, New Zealand’s favourite northern beach resort, this stylish two bedroom apartment has all the features that you require for todays waterfront holiday home and investment. Set with a complex of 30 luxury apartments, each with a sweeping ocean vista from its own spacious balcony, The Waterfront Apartments present a bold new benchmark for quality accommodation in Paihia. 

Stylish interior décor combines contemporary design with relaxed indoor/outdoor flow. With management on-site, owners can be assured that their asset will be well utilized as short-term rental accommodation and still be available for their own personal holiday use. Secure underground car parking, easy access to your unit via lift.

Key Features

• Idyllic Location
• Waterfront Outlook
• Premium Design
• Investment Potential
• Fully Managed
• Affordable

How many apartments?

• 30 in total:
• 8 one bedrooms
• 19 two bedrooms
• 2 three bedrooms
• Plus managers accommodation

What is the completion date?

Projected completion date is October 2006.

Why tourism based real estate?

Already our biggest sector and income producer, New Zealand tourism continues to grow at an extraordinary rate. With an eye to the huge potential, the shareholders and directors of Winslow Developments decided to give kiwis a well-structured opportunity to participate in and benefit from the tourism industry. Combining the earning power of high quality accommodation with the capital gains potential of prime tourist area property, our resort properties provide investors with excellent financial prospects as well as the lifestyle benefits of having their own luxury holiday home to use whenever they like.

What am I buying?

A freehold unit-titled investment apartment to be managed on your behalf by TOURISMflair Limited. You retain the option of using it for your own holiday accommodation at any time. Conditions apply.

Who manages the serviced apartments?

Ongoing management is co-coordinated by TOURISMflair Ltd, a specialist management company commissioned by the company to manage our numerous developments. Managed and staffed by handpicked experts with years of experience in the hospitality and visitor sectors, TOURISMflair is already successfully operating Winslow developments in Russell, Napier and Akaroa and a major new development is close to completion in the heart of Paihia. The marketing and branding advantages of operating under a group structure are enhanced by TOURISMflair’s ability to provide a central reservation centre.

TOURISMflair’s role is to maximise the yields for the benefit of our investors by providing superior hospitality service and experienced resident on-site management. By making sure the best possible yields are achieved for our owners, Winslow’s reputation as one of the industry’s leading managed apartment developers will be protected and enhanced.

Do I have to pay Goods and Services Tax (GST)? You may not have to pay GST but note that the price in the agreement is plus GST (if any). Because the apartment will be a going concern at the time of settlement, your apartment will be zero rated for GST as long as you comply with the conditions of the management agreement and are GST registered. No GST should therefore be payable. You will need to register for GST to qualify for a zero rating. Please make further inquiry with your financial advisor about how this relates to your own personal circumstances.

Do I have to enter into the management pool? Yes. All purchasers will be required to buy the apartments as a going concern with a management lease. We believe that it is only through co-operative management and marketing that we can ensure all owners receive the maximum benefit, income and protection for their property.

Do I have to purchase furniture? Yes. Upscale tourism clients have certain expectations so your apartment or cottage must be furnished to exacting standards. The furniture and appliance package complies with hospitality standards for wear and durability and will be the same in all cottages. All are of the highest standard and are sourced from reputable industry suppliers, a catalogue of the products is available on request.

What are the main features of the investment option?

1) Hassle-free holiday 2) Hassle-free investment 3) Preferential holiday access 4) Prime location 5) Secure on-site parking 6) On-site manager You earn an income on the apartment being rented out when you do not wish to use it, plus there are significant tax deductions available, depending on your own individual circumstances. Ask the sales person for financial analysis examples as prepared by independent consultants.

Can I live permanently in my apartment? You cannot live permanently in your apartment for two reasons:

1) The resource consent is for travellers’ accommodation and therefore you cannot live in the unit as you would your own home. Although this does not prevent you from having an extended holiday, some owners have already spent over two months at a time in residence. 2) If you lived as a permanent resident you would be liable for plus GST on the sales price. As an owner, what does it cost for me to stay? You only pay 15% of the normal rate (This covers the services of the ongoing management and marketing of your unit by TOURISMflair Ltd, this does not stop when you are in residence), plus the standard cleaning charge when you leave. This is necessary to maintain the viability of the management operation and to ensure that your investment is protected and enhanced. Whenever you stay, you’ll enjoy all the services the on-site manager provides to guests.

What are my other costs? In summary: The owner receives all the revenue received for renting out their unit less the costs associated with producing that revenue. And as our assumptive financial analysis shows, this results in a positive yield to the owner. All costs will be based on a unit entitlement share of the property/body corporate/operational costs, and also accommodation costs dependant on occupancy of individual units.

The above costs are inclusive of all the costs that are needed for revenue generation and also includes an allocation of costs for general maintenance and for future replacement of items like carpet, appliances, furniture etc. Naturally you would expect these charges to increase by the CPI or where it is needed to protect your return (yield) on investment.

How much is the body corporate? Please review the enclosed schedule of body corporate fees. You’ll find these reasonable and appropriate for properties of this quality in this location. The body corporate is responsible for insurance etc, maintains the building itself and pays for the upkeep of the grounds and common areas.

How do I receive income from my investment? The management company arranges all bookings, billing etc and pays you the total room revenue stream from guests using your cottage (less costs as mentioned above) on the 20th of the following month. Independent audited accounts are reviewed at the AGM.