Rare chance to invest in lifestyle villages
Lifestyle villages and their body corporate management rights business are seldom available and keenly sought because of their security and attractive yields.
With that in mind, Colliers broker Vince Southee is expecting strong interest in three properties he is currently marketing.
The villages are in Motueka near Nelson, Levin and Masterton. They can be bought as one parcel or individually and are for sale by tender, closing at 2pm on July 28. The offering is for the management rights business together with the standalone three-bedroom house and the auxiliary garages at each.
The unit owners must use the services of the management rights company and pay a fortnightly fee to do so. Fees are CPI adjusted annually. The body corporate itself is separate from the management rights business.
“That means you have a guaranteed customer base that has signed a supply contract. These are secure investments that offer good yields and are virtually ring fenced from the external economy,” Southee says.
“They can be run in a passive manner, as they currently are with full-time live-in caretakers, or the option to do some of the work yourself also exists, even living onsite if you are over 55.”
He was inundated with prospective buyers when he sold a similar lifestyle village in Tawa, northern Wellington, last year.
“The buyer thinks it’s the best business that he has purchased. It’s easy to run, not time-consuming and you’re not chasing debtors.”
Southee says the three lifestyle villages on offer were all built by R J Ker Contractors. The company has built approximately 15 of them.
These three offerings are all owned by the original owner. “All these lifestyle villages are extremely well maintained and presented.”
Brown Acre Lifestyle Village, at
53 Parker St, Motueka, where construction began in 2010, comprises 68 unit-titled villas built in duplexes, four garages that are all rented, and a three-bedroom home rented by the caretaker. It sits near the Motueka River, about 15 minutes’ walk or a 1.1km drive to the centre of town.
With construction commencing in 2007, Rangeview Lifestyle Village at 7 Fuller Close, Levin, also features
68 unit-titled villas, six garages, and a three-bedroom house currently rented by the caretaker. It is in a peaceful setting 1km from the Horowhenua Medical Centre, five minutes’ drive from the main shopping centre and close to bus and train depots.
In Masterton, construction began on Holdsworth Lifestyle Village in
2004. 2 William Donald Drive has a slightly different configuration comprising 70 unit-titled villas, a three-bedroom standalone house also rented by the caretaker and eight garages. The village is only five minutes’ drive from the town centre and is also close to bus and train depots.