Spring Grove Lifestyle Village is offering one-, two- and three-bedroom properties owned freehold, unlike most retirement living operators in New Zealand.
The CAPs (Community Apartment Projects) model is used in Australia by Platino Properties, which is building its third project in Pagewood, 8km south of Sydney’s CBD.
The 24 homes in Stage 1 have been built by the owner Mike Greer and are occupied and the second stage is now released. There will be 135 homes in total.
It is a strata scheme with a body corporate. Buyers own the home and a share in the communal areas - the village lodge and total land in the village, excluding private patios.
“Because you own the title to your home, you’re free to mortgage, sell or bequeath it following exactly the same process as with any normal New Zealand home. You’re also fully entitled to any capital gains that may have accrued over time,” said the company on its website.
“Of course, new owners or their tenants must still follow the 55+ age rules – these apply in perpetuity, so we can assure the nature of the village remains the same even if ownership changes.”
Buyers pay a deposit and the settle when the home is built.
The SOURCE: Will the CAPs over 55s model catch on in New Zealand.
