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Village Apartments

Attractive, modern one and two bedroom apartments are for independent residents who are able to look after themselves.

Our Apartments are fully refurbished and modernised internally on resale including double glazing, under tile heating, new fittings throughout with kitchens and bathrooms usually being replaced as well.

 

Types and Sizes of Apartments:
There is a variety of types and size of Apartments with a mixture of one and two bedroom options. The range is:

Type Area Area Bedrooms
A1 47.6m2 513 sqft 1
A2 52.25m2 563 sqft 1
A3 64.3m2 692 sqft 1
B 78.5m2 844 sqft 2
C 92.00m2 990 sqft 2
Y 93.00m2 1001 sqft 2
New Apts 93.00m2 1001 sqft 2

 

Purchase Prices:

Type Total Licence Premium 30% Lifecare Contribution
A1 from $380,000 $266,000 $114,00
A2 from $410,000 $287,000 $123,000
A3 from $430,000 $301,000 $129,000
B  from $460,000 $322,000 $138,000
C  from $510,000 $357,000 $153,000
Y (A apts) from $550,000 $385,000 $165,000
Y (B apts) from $580,000 $406,000 $174,000
Y (C apts) from $620,000 $364,000 $186,000
New Apts from $700,000 $490,000 $210,000
 To $825,000 $577,500 $247,500

Payments on Entry
The entry payment consists of two amounts;

The Licence Fee – being 70% of the total Apartment purchase price. The Licence Fee is refunded when the resident leaves the Apartment.

The Lifecare Contribution – The Lifecare Contribution is paid by all residents when purchasing an Apartment. The contribution is 30% of the total purchase price paid and accrues to the Trust at 2% per month for the first 50 months at Northbridge.

So what do we do with this money?
Every year the Trust generally spends around $2 million on maintenance and capital improvements to the Village and Care Facility environment as well as subsidising the cost of operating the recreation facilities. Village Residents who transfer to the Care Facility receive a small subsidy on the daily room rate.

In 2010 $4m was spent on modernising the Hospital, in 2012, $5.5m was spent on replacing the Village Recreation Hub and in 2013 $850,000 was spent upgrading the Rest Home.

Once a resident has arrived in the Village all charges or costs are established on a cost recovery basis only.

So the only revenue earned by the Trust  to maintain and improve the Village comes from the Lifecare Contribution and any capital gain obtained on resale of an Apartment. We typically resell 15 to 25 Apartments each year.

Garages – and carports are available for Apartment Residents, but not always attached to the Apartment buildings. To obtain the use of a garage or carport, Residents pay a “refundable deposit” – which is refunded to them in full when they vacate the garage/carport. The amount of the Deposit varies from a few thousand dollars for a carport to $15,000 for a large garage.

Refunds on Departure

The Licence Fee being 70% of the original total purchase price is refunded in full generally no more than 3 months after the keys to an apartment are handed back. Service Fees stop at the same time the keys are handed back.

The Lifecare Contribution – being 30% of the original total purchase price is not refunded if the person has been in residence for 50 months (4 years and 2 months) or longer as it will have fully accrued to the Trust. If you have been in residence for a shorter time, a proportion of the Lifecare Contribution will be refunded. The Lifecare Contribution amount accrues to the Trust by 2% per month from date of entry to the Village.

Capital Gain – any increase in value obtained on re-sale of the Apartment is retained by the Trust. Many people believe it is unfair for a Village to retain the capital gain when reselling a dwelling. However, when a new resident arrives in the Village the Trust makes a one-off surplus on that sale. Thereafter all fees charged to residents are based on a cost recovery basis only. So if a resident is here for 10 or 20 years and that’s not unusual at Northbridge we will not be able to generate any additional revenue from that Apartment for that period.

We have over $100 million of buildings on 16 acres of land that needs to be maintained and upgraded. The capital gain portion of any resale provides an important source of additional revenue on top of the Lifecare Contribution.