The Rees - True South

FAQs

1. What am I purchasing? You are purchasing a freehold strata title to your apartment together with a secure carpark(s) and an accessory storage locker. Access to common areas throughout the facility, including access to the lakefront is included. You will own the chattels, fixtures, fittings and equipment making up the apartment as defined in your Sale & Purchase agreement.

2. What is the purchasing procedure? Contact Mark Rose to discuss your investment:

3. What happens to my initial deposit? All deposits are paid into an interest bearing trust account with the vendors solicitor, Glaister Ennor as stakeholder. Upon settlement the purchaser will receive a credit against the purchase price for the amount of interest accrued (less withholding tax) on the deposit from the date of receipt in the trust account until settlement. In the event the Sale & Purchase agreement fails to become unconditional in accordance with the Sale & Purchase agreement, the deposit and interest will be refunded to the purchaser.

4. Is there secure carparking available? Yes – every apartment has been allocated a secure carpark(s) in the basement of Building A & B. These are accessible by lift from all apartments.

5. Is there a defects and liability period? Yes – there is a sixty day maintenance period from the settlement date for each apartment,during which period the vendor will make good, at its own cost, all faulty equipment and workmanship.

6. Do I get warranties on my chattels? Yes – all equipment, chattels and appliances supplied to the apartment carry warranties from the supplier.

7. What is the estimated completion date? All apartments are complete.

8. What type of security will the buildings have? All areas other than reception area will be by accessible by Security Card only.

9. Is there an advanced cabling system in my apartment? Yes – a comprehensive cabling system will provide access to Sky TV, free to air and Digital TV. Cat5 cable suitable for high speed internet capability will be provided to all telephone/data outlets in each apartment.

10. What has been done to ensure quietness? Noise control has featured in the design of the development. Acoustically engineered walls and floors and double glazing are used extensively to create a more peaceful interior. Intertenancy walls and floors have been acoustically engineered to a higher standard than the NZ Building Code specifies.

11. Are furniture packages available? Yes – furniture packages are available for each apartment. If your apartment is included in the management scheme you will be required to purchase a furniture package. The furniture package is additional to the purchase price.

12. What Facilities are on site? On site facilities include, Reception, True South Dining Room, Lounge, Bar, Laundry, Gym, Spa, lock up storage rooms, landscaped gardens, walkway access to the lakefront and jetty.

13. Are there GST implications on the property? You should seek advice from your accountant, legal or financial advisor on the impact of GST on the purchase of your apartment and any income derived through the management scheme. Where you elect to place your apartment in the management scheme the purchase price will be zero rated. All apartments have been priced as zero rated. Should you wish to live in your apartment or not elect to put it into the management scheme then you must pay GST on the purchase price.

14. What is happening along the lakefront reserve and Frankton Walking Track? Pedestrian access to the lake is provided. A new walkway has been constructed as part of the development connecting to the Frankton Walking Track. Additionally, the lakefront reserve will be upgraded with native plants.

15. What outgoings do I pay? You are required to take responsibility for payment of the following costs relating to your apartment: • Council rates • Utilities including gas, electricity and water, if any • Contents insurance • Body Corporate levy

16. Is there an onsite manager? Yes – The Rees Hotel & Luxury Apartments Queenstown Operator will provide a professional full time “on site” manager to ensure that the development is maintained to a high standard.

B O D Y C O R P O R AT E Q U E S T I O N S

17. Will there be a Body Corporate managing the property in conjunction with the building manager? Yes – the Body Corporate is require by law to manage the administration and common property of the apartment buildings. The Body Corporate controls the administration and the general running of the complex, on behalf of the owners. The Body Corporate is responsible for the upkeep of the facilities, general maintenance, foyers, reception, common areas, basements, grounds and buildings. It will also ensure the apartments are covered for building and public liability insurance.

M A N A G E M E N T Q U E S T I O N S

18. Who is the operator? The Rees Ltd – an experienced and very successful Queenstown based managed hotel and apartment operator, holds a contract to manage The Rees Hotel & Luxury Apartments Queenstown for a period of 25 years.

19. How are apartments allocated to guests for rental? The allocation of apartments will be on a fair and equitable basis, with the operator contractually committed to ensure approximately equal apportioning across all apartments.

20. When do I receive income from my apartment? Owners will receive income from the owners apartment on a monthly basis, 30 days after the end of each month.

21. Can I sell the apartment at any time? Yes – you can sell your apartment at any time.

22. How often can I use my apartment? You can use your apartment as often as you wish. However it will impact your return on investment which is based on days the apartment is available to the managed apartment operator. There are potential financial (inc GST) implications if you use your apartment for more than six months in a year.

23. Can I let friends & family use my apartment? Yes – you can allow anyone you wish to enjoy all or part of your entitlements.

Please Note: While every effort has been made to ensure the information was true and correct at the time of printing, no responsibility will be taken for any errors or omissions. This publication is for guidence only and does not constitute an offer or contract.