Listing Number:  217
Posting Date:  04 September 2007

Listing:500K PLUS EQUITY!
Category:Purchase Option
Site Area:3290 m2
Address: Login
Building Area:100 m2
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Effectively a 5k option fee on each Unit, 50K total plus purchase price. Purchase Price is $4,550,000 ans as below, settlement in March 08 6 Months

Clearwater courts is a ten Townhouse complex on landscape grounds with stream boundary.

There is a mixture of layouts with: 2 x 2 bedroom and 8 x 3 bedroom.

The units are on individual titles but the current owner wants them sold on as one, two or three lots allowing for a potential $570,000 equity gain. Long settlement option is available until March 2008.

There is a current estimate valuation done by a local valuer with a total figure of $5.120m excluding furnishings. Nine of the units are fully furnished with approx. $10,000 worth of furnishings per unit.

Each townhouse has garaging with the larger 3 bedroom units having internal access double garages.

All townhouses are on Stratum on Freehold titles (unit titles) allowing the units to be sold off individually.

The Townhouses are rented out with 50% on long term leases and 50% on holiday / short term lets allowing for continuity of rental.*

Professional management is currently in place with the actual rental income from July 06 till June 07
Townhouse 1 $11,941.66
Townhouse 2 $12,530.00
Townhouse 3 $15,600.00
Townhouse 4 $16,217.14
Townhouse 5 $12,163.58 (owner occupied for 4 weeks rent free)
Townhouse 6 $14,400.00
Townhouse 7 $19,747.86
Townhouse 8 $15,600.00
Townhouse 9 $14,662.00
Townhouse 10 $15,620.00
Total Rental $148,482.24 inclusive of GST*

All agreed prices will be inclusive of GST but the GST date can be set on confirmation to possibly allow for some assistance with deposit.

The short term lets have been leased by international ski/snowboard team and film crews for up to 6 week periods.

The township of Wanaka, New Zealand is in Central Otago, 120 kilometres north-west of Queenstown. Wanaka is situated on Lake Wanaka, facing north, blessed with an incomparable alpine panorama. The lake flows out into the Clutha River. It is the gateway to Mount Aspiring National Park. Wanaka is primarily a resort town but has both summer and winter seasons and is based around the many outdoor opportunities. Due to the growing tourism business and the increasing number of retirees coming into Wanaka, there is massive population growth occurring, up to 50% in the last 10 years.

Nearby are Treble Cone, Cardrona Alpine Resort and Snow Park which are some of New Zealand's premier commercial ski fields. Wanaka is the main accommodation provider for these resorts and so is very busy in high season(July-September). It is also close to an alpine ski field with many treks available.

Wanaka is also host to some of New Zealand's best outdoor recreation with world-class mountain biking, hiking, climbing, mountaineering, fishing, paragliding, and water sports of all kinds. With one of New Zealand's sunniest climates, Wanaka is truly an adventure paradise. It is the access point to the highest mountain outside of the Mount Cook region, Mt Aspiring.