<b>RAMATI BEACH ESCAPE
UNITS 22, 4-8 Matatau Rd, Raumati</b>
After 3 years enjoying the sun, relaxed beach lifestyle and great returns the owner of the best apartment in this five-star motel is selling. A perfect location, just 100m from the beach and the village shops, café's and restaurants and an immaculate fit out makes this apartment both a great holiday escape and an ideal investment opportunity. Now is the time to invest and enjoy this fantastic location during the summer season.
Units in the Raumati Sands Resort are a passive type investment and are being offered for sale as a going concerns. Raumati Sands motel resort has 21 motel units plus managers unit and offers visitors a 5-star experience with superior two bedroom accommodation, heated swimming pool, barbeque facilities, spar pool, and close proximity to the expansive Raumati beach and near by cafe and restaurants.
As an investor you also get up to 14 nights at only the cleaning cost of $50/night.
This resort was opened in September 2003 and is now fully operational with an excellent management team in place and rising occupancy levels.
The owners of Unit 22 have placed the unit on the market with Harcourts Wellington City to be sold by private treaty.
Chattels:
A list of the chattels and fittings being sold with the unit will be supplied separately.
Rateable Value and Rates:
The rateable value was set in 2005 by the Kapiti Coast District Council at $255,000 and rates were struck for the current financial year at $1,611.20.
Lease Agreement and Management:
The unit is leased to Sunnyplace Investments Ltd to operate as a motel for a period of 10 years terminating on 31 March 2013 but with two rights of renewal of 10 years each.
Sunnyplace Investments Ltd has also been appointed as the manager of the building on a term concurrent with the lease of the units. This agreement is to be reviewed on 31 March each year.
Body Corporate & Fees:
The Body Corporate No. 325488 has been registered in the Wellington Registry and is registered for GST. The current committee is:
Chair Paul Spackman
Members John Lamond
Marcel Hakkens
Glenda Joblin
David Stagg
Secretary Rochelle Adgo
The committee members have extensive commercial experience and reside locally and in Wellington. In total, they have beneficial interests in 8 Raumati Sands units. Insurance is for replacement cost and is fully paid.
Fees are currently set at $347 (+GST) per month. This fee covers building management, insurance, secretarial, maintenance and a small building fund contribution, but excludes rates.
Accommodation and Floor Plans:
It's so much more than you'd expect from a motel. Each unit is two-storied and the size of a small house. Living area is nearly 88 square metres.
There's also an extra 12 square metres of private, outdoor patio. Each unit is designed and furnished to luxury, 5-star specifications. One bedroom has a King size double bed and the other two single king size beds that can be made into a super king size bed. Each bedroom has its own balcony. The bathroom has a shower over a spar bath.
The lower level living area comprises a full designer kitchen, separate dining, spacious lounge, toilet and laundry.
The building is built on concrete slab foundations with Hardies Titan panel and Linea Weatherboard cladding. All intertenancy walls are acoustic and fire rated. The roof is curved colour steel and water heating is gas Rinnai Infinity giving unlimited hot water.
The original specifications can be found on the Raumati Sands website www.raumatisands.co.nz.
Location:
The resort is just 40 minutes north of Wellington and within an easy drive of 4 other cities. It is 100 metres from the Raumati Beach and 100 metres from the Raumati Village shops, cafe and restaurants. Raumati is in the centre of a wide range of places to visit and activities from natural landscapes, indigenous bird life, art galleries, golf, horse riding, bowls and many others.
Income:
The lease provides for the investor to receive an equal share of 70% of the gross accommodation receipts on the 14th of the month following. All income is collected by Sunnyplace Investments Ltd in a separate account and the amount due to investors is transferred to the Body Corporate on the due date.
The Body Corporate deducts the agreed funds for expenses and disburses the balance on an equal amount per unit. The Body Corporate fees cover management of the building, insurance, agreed building maintenance, and secretarial costs.
Unit net income is a combination of occupancy, room rates less Body Corporate fees and rates. Occupancy and the room tariffs peak during the summer months and fall during the winter months.
Gross income averaged $2,100 per month in the last financial year.
Occupancy this year has averaged 62% and the room rate has averaged $142. Occupancy is rising and room rates have been increased. As a result, improved returns are expected over the next 2 years.
Based on the current results, the unit should earn $1,650 per month net of body corp fees.
We are onsite at 3.30 to 4 pm on Sundays or view by appointment.