Marine Reserved Apartment Complex

Whangamata, Coromandel, NZ

About

Fabulous two and three bedroom freehold apartments, located within easy walking distance of Whangamata's attractions.

Each apartment at Marine Reserved can be owned under a Property Share Agreement with each quarter-share having its own title. Alternatively, the owners can form a company. The cost of a quarter-share, from $155,000, makes this property affordable for many New Zealand families. You may purchase more then one quarter-share if you wish.

A quarter-share entitles you to use your apartment for one week in every four - no fewer than 13 weeks in a year! When you are not using your allocated time, it stays in the rental pool. Rental income from all the apartments is pooled, to ensure that when there are several vacancies, one owner is not favoured.

Marine Reserved has a fulltime onsite manager, who overseas cleaning, interior and exterior maintenance, garden, security and rental arrangements.

With a quarter-share you have the benefits of full ownership, with only a quarter of the capital outlay. Shared ownership also means lower maintenance and overheads, while you still get to enjoy your apartment every month of the year, without having to worry about lawns, security, or maintenance.

Owning a share of a Marine Reserved apartment is a great way to guarantee your holiday accommodation on the Coromandel for the foreseeable future, as well as being potentially an excellent long-term investment.

Proportional ownership of expensive "toys" such as planes and boats has been accepted for a long time in New Zealand. Proportional ownership of holiday properties is utilised overseas but it is relatively new to New Zealand.

¼ sharing is a smart new way to own a beach property on the Coromandel.

¼ share ownership is an innovative and flexible property ownership alternative for a Coromandel beach home. It's not a share of time (timeshare) - you actually own a freehold share of a property and enjoy the benefits of your ownership including potential capital growth over time, and potentially and importantly, it's a piece of property that can be handed down through generations, enabling the continuity of the kiwi icon, the family holiday at the beach.

The property is fully managed for you so you have no maintenance worries, no gardens to weed or walls to paint - just relax and enjoy your holiday.

Marine Reserved consists of 17 apartments of which 8 apartments are 2 storied and the other 9 apartments are 3 storied with sea views. All apartments are fully furnished, and fully equipped with fixtures and fittings. They have decks for outdoor living with Baroques.

Purchasing a ¼ share at Marine Reserved works really well, for the reasons noted below:

A purchaser can own a property in an exceptional location for a fraction of the cost of purchasing their own full share property.
Freehold fee simple in stratum title to each ¼ share. This means you can sell at anytime without referring to anybody else for permission to do so.
Onsite managers own their own accommodation on-site, and the business. This means they have the same interest in the complex as you do. They also provide security and ongoing maintenance, meaning no work for you to do when you arrive.
Owning a ¼ share makes you think about taking a break each month. A ¼ share entitles you to 1 weeks use in every 4, all year, over the years until you sell. You can of course use weekends only, or no days at all if you are busy, and the managers will lease the unused days out for you. An established calendar sets out the allocated weeks of use for each ¼ share owner.
These are all spec'd to a high quality, reflected in furnishings, fixtures and fittings.
Income from rental received (from any unused proportion of the allocated weeks) at Marine Reserved goes into a pool, and distributed monthly via unit entitlement. About 50% of the income received goes back to the owners after costs such as manager's fee, gas, electricity, advertising, linen, etc. Income depends on many things including owners use and the occupancy rate of the complex. Although this income is not a large amount, it contributes to the owners costs.
A Body Corporate is set up at Marine Reserved. All ¼ share owners belong to the Body Corporate.
An on going refurbishment fund as part of the Body Corporate will keep the property sparkling and as new over the years to come.
These properties are sold as holiday homes not investments, but the location means that a ¼ share is potentially an excellent long term investment.
Owners pay 12% of the daily rack rate when they stay and a cleaning fee of $25.00 when they leave. The Body Corporate fee includes a refurbishment fund for interior and exterior upkeep.

Occupying your apartment

Occupation weeks run from Friday to Friday, as some owners may wish to stay just for the weekend rather than for the full week. When you're not using your allocated time, it will be included in the rental pool and you will receive the benefit of the income from the pooled vacant apartments for those days. Occupancy is from Friday noon to the following Friday at 10am.

When you are using your apartment, there is a modest daily rate to cover your share of the manager's salary. For one nominated week per year the shareholder stays in the rental pool while using the apartment.

Power and telephone are in the name of Marine Reserved and will be deducted from income.
The shareholder will pay a cleaning fee at the end of their stay.
You may swap weeks with other shareholders at Marine Reserved.
Allocation of weeks is on a rolling basis throughout the year, and a re-allocation will be done each year to ensure that each shareholder can occupy their apartment on Christmas Day/New Years Eve once every four years.
With a quarter-share ownership, you pay only a quarter of Body Corporate fees, rates and refurbishment fund for that apartment.
You may sell your share at any time.

Method of Ownership

There is a legal Property Sharing Agreement for personal or Trust ownership, available on request. For those shareholders wishing to use a corporate structure, there is a Constitution and Shareholders Agreement. Any quarter-share of an apartment not in a company may have a separate title.

NOTE: The offer for each apartment is contingent on all four quarter-shares in that apartment being sold.

Apartments

Two storey apartments (159 sq m) have three bedrooms, two bathrooms and one deck. Three storey apartments (165 sq m) have two/three bedrooms, two bathrooms and three decks. All apartments sleep six people.

Parking

Each apartment has a double garage (side by side parking with two storey apartment; tandem parking with the three storey apartment).

Smoking policy

All apartment interiors are non-smoking areas.

Furnishings & Applicances

Appliances, homewares, linen, blankets, etc are supplied (full list available on request). Furnishings and appliances include:

Fridge/Freezer
Dishwasher
Automatic washing machine
Clothes dryer
Oven, cooktop & rangehood
Waste disposal unit
Microwave
TV & DVD player
Sky TV
Carpets & Floor coverings
Dining table & chairs
Sofa, lounge chairs, coffee table
Mix of queen, double, single & sofa beds
Patio furniture & gas barbeque
One original painting by New Zealand artist Jamie Newman

Click here to see more about this holiday apartment in Whangamata, Coromandel.

Click here to see Marine Reserved on Trade Me

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