FREQUENTLY ASKED QUESTIONS

Who is the developer?
NZ Living 340 Limited (“NZ Living”) which is a company that Shane Brealey is the sole director of and formed to undertake the 340 Onehunga Mall development. Shane has extensive development and construction experience.
How will the project be built?
Shane Brealey has over 30 years’ experience in this form of construction and is responsible for carefully selecting the team that will build the project. We think it is important to stand behind the project all the way through rather than entrusting a third party builder who has no relationship with our customers. The project has been comprehensively planned with over 70% of all subcontractors and suppliers already selected for the project.
Can the purchase price be increased?

No, the price stated in the Sale and Purchase Agreement is the price you will pay for your apartment. Whereas a small number of other developments have been caught out by underestimating construction costs we have the majority of major building components quoted on agreed rates. An independent professional Quantity Surveyor has prepared a cost plan and our proposed bank funder has reviewed our development feasibility. Along with adequate provisions for escalation and contingency we are certain of our financial forecasts.

How is the project being funded?
The shareholders of the development company have the financial capacity to fund the project in conjunction with Development Funding from the ASB Bank. There will be no mezzanine finance or third party debt or equity involved.
Is there a Body Corporate and what are the costs?

Yes, a Body Corporate is created whenever there is a Unit Title property. Auckland Body Corporate have been engaged to provide advice on the draft body corporate budget and it is intended that they will be appointed Body Corporate manager for an initial period. Opus International has prepared a 20 year Long Term Maintenance Plan (LTMP) noting costs are significantly lower than comparable developments.

Can I as an owner be a member of the Body Corporate?

Yes, Owners can elect to be voted on the body corporate committee.

What is the quality of construction?

High quality construction materials will be used throughout. Our team has selected materials with lasting durability and low maintenance. All floors are solid concrete. Reinforced concrete blocks and brick is used extensively along with aluminium wall cladding and double glazing to all apartment windows and sliding doors will provide superior acoustic and thermal qualities.

Where do visitors park their cars?

Within the development there is parking for apartment occupants as purchased with each property. Visitors will find carparking on the street.

How is rubbish and recycling managed?

An enclosure for wheelie bins will be serviced several times per week by an external contractor under the management of the Body Corporate and the Body Corporate Manager.

What security access provisions are provided?

A swipe of proximity card will provide access to the building stair lobby door. Normal keys will be provided for apartment entry doors.

How will the landscaping be maintained?

A contractor will be appointed by the Body Corporate to maintain all common landscaping areas. Fruit trees will provide fruit for residents to share.

Are pets allowed?

Yes, with Body Corporate approval. Please refer to the Body Corporate rules if you plan to have a pet.

What deposit is required?

10% deposit of the purchase price for NZ Residents, 20% for nonresidents.

Where will the deposit be held and will it be interest bearing?

Your deposit will be held in trust by solicitors Alexander Dorrington as stakeholder. Interest will accrue to your favour with interest earned, less usual fees and withholding taxes, reducing the final settlement amount.

How many apartments and carparks are there?

42 apartments across two buildings, comprising of 24 x two bedrooms, 12 x one bedrooms, and 6 x studios. There are 40 carparks available to purchase on a first come first served basis.

Are the apartments freehold?

Yes the apartments will be Stratum in Freehold, commonly known as Freehold Unit Title.

Has resource consent been granted?

Yes formal Resource Consent was granted by the Auckland Council in July 2018.

When will my apartment be ready to move into and what is the sunset date?

Subject to final presales and final requirements from ASB bank we anticipate Practical Completion around mid-2019. Following this Code Compliance Certificates and Certificate of Titles will be issued by the Auckland Council, with settlement triggered approximately 10 working days after this (see Purchase Process).

To protect against any unforeseen delays, and as a funding requirement from ASB bank, the Agreement for Sale & Purchase includes a Sunset Date of 31 October 2020.

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