The major shareholders of Roys Bay Estate are Chris Holmes and the Hannon Family Trust, represented by Catherine Hannon.
Chris has been in the property and investment markets for 25 years and worked in New Zealand and Australia, the last ten years in the healthcare sector. He is a qualified valuer and holds a degree in accounting and is a Fellow of FINSIA (Financial services Institute of Australasia). He owns and operates businesses in the healthcare sector and is familiar with all the requirements necessary for the success of a lifestyle estate such as Roys Bay Estate.
He is the Project Director of Roys Bay Estate and has been responsible for taking the project from the drawing board to realisation.
Catherine has worked in the property market as a trustee of a substantial real estate Trust, with interests principally in Wanaka, Taupo, and Auckland. This stands her in good stead for the development of the estate over the next few years. She has been associated with Wanaka and Otago for over 20 years in alpine sports.
Roys Bay Estate is registered, and will be operated under the Retirement Villages Act 2003. As the operator Roys Bay Estate will adhere to the Retirement Village Code of Practice and residents will purchase an Occupation Right Agreement (ORA) for their unit entitling them to protected rights to their unit and the wider village. The village will be independently supervised by a Statutory Supervisor who operates in favour of the residents. The Roys Bay Estate Statutory Supervisor is called Anchorage Trustee Services Ltd and is based in Christchurch.
Each unit at Roy’s Bay will also hold a stratum estate in freehold title (subject to the registered memorandum of encumbrance by Roys Bay Estate) held under the body corporate that is in place at the Village. The Body Corporate owns all the common property within the village. New residents purchase the stratum estate in freehold title for the land and unit. An Occupation Right Agreement (ORA) registered under the Retirement Villages Act 2003 is stapled to this title and must be purchased with the title as Roys Bay Estate is a registered retirement village. The ORA sets out the rights and obligations between the operator and the purchaser and holds all the obligations of a typical body corporate together with additional benefits and protections operating in favour of the purchasers.
Residents will have the right to use the completed Clubhouse and will pay for the operation and maintenance of the Clubhouse and general village operations through the Village Outgoings Charge (Weekly Fee).
Roys Bay Estate is one of the very few retirement villages where residents will own the legal title to their land and unit. This is achieved through the stratum estate in freehold title being issued with each unit.
By law we must have a body corporate for the stratum title of units and to own and manage the common areas of the village. It is in practice however, subordinate to the Retirement Village Act as most facets required under a Body Corporate are also required under the Retirement Villages Act.
The main differences at Roys Bay Estate compared to other retirement villages are:
Your rights are clearly laid out in the Occupation Right Agreement (ORA), The Code of Residents’ Rights and under the Retirement Villages Code of Practice. These documents will be supplied to you on signing your agreement to purchase a unit. Your lawyer is required to take you through these documents to ensure you fully understand them.
Yes, you may. However the security will need to rank behind the operator’s encumbrance and not exceed 50% of the value of the unit.
You can rent out your unit through the operator (village manager) and on approval of the operator only. Any persons renting the unit must adhere to all village rules and can only rent for a maximum of 3 weeks. Friends and family may also stay to a maximum of 3 weeks. People renting the unit must be generally of retirement age or have approval from the operator.
These restrictions are in place to protect all residents and ensure that the nature and security of the community is not eroded over time by individual or un-intended actions.
Your weekly fee covers all the reasonable running costs of Roys Bay Estate including, exterior maintenance and insurance for your unit and the use of the Clubhouse and all amenities. These costs will be presented to you as audited accounts each year at the AGM. These accounts have the added protection of being assessed by the village Statutory Supervisor on behalf of all residents. You will pay a pro-rata share of these costs.
The exact amount is yet to be determined. However it is expected to be in the region of $120 per week, levied monthly.
The weekly fee will be adjusted according to the actual and forecast costs of the village. Residents will be consulted at the AGM each year and prior to any increase taking place.
All maintenance costs for the exterior of the units and the village common areas are covered by the operator. All maintenance costs for inside the units are covered by the resident, including the operator’s chattels.
You need to be generally of retirement age to purchase in the village. This is at the discretion of the operator but is typically 55+ years of age.
A family trust may purchase a unit and the title. However the Occupation Right Agreement (ORA) can only be in the name(s) of the people who permanently reside in the unit. On termination of the ORA, payments can be made back to a trust under instruction from the people named in the ORA or their designated Enduring Power of Attorney (EPOA).
Yes, you are, with the prior approval of the operator.
Yes, they can, to a maximum of 3 weeks, or longer with approval from the operator.
Exit payments are outlined in the Occupation Right Agreement and include:
Yes, you may. This is at the operator’s discretion and will involve the sale of your original unit under the terms outlined in the ORA.
Each resident will pay their own rates (aligned with the individual unit title), power, phone, and contents insurance. The operator will be responsible for the insurance of each unit and the wider village amenities. Residents may be liable for the insurance excess on any damage to their unit should this occur by accident.
Yes, you may, with prior approval from the operator and by using operator-approved designs and contractors.
Yes, for both fireplace and hot water. (There is an electric heat pump in all units.)
Yes, broadband will be available.
The manager will start on-site once the first homes in Stage 1 are occupied.
