THE WORKSHOPS DEVELOPMENT
MT WELLINGTON Auckland New Zealand
FREQUENTLY ASKED QUESTIONS
Please note all references to currency herein this document is that of the NZ$. (New Zealand Dollar)
WHAT MAKES THIS DEVELOPMENT SPECIAL?
The Workshops combines Industrial practicality and Commercial possibility in a series of flexible workspaces suitable for multiple uses for both owner occupiers and investors.
Warehouse, trade showroom, manufacturing, design, logistics, online retail, and storage are all appropriate uses of the flexible spaces, designed with entrepreneurialism in mind.
Located in what is regarded as the most central premier industrial location Mt Wellington, Auckland, New Zealand, The Workshops boasts great connectivity in an established area for Industrial and Commercial activities with high value Residential surrounds.
HOW MANY UNITS ARE IN THE DEVELOPMENT?
There are 169 units in The Workshops development ranging in size from 14m2 to 92m2, with an option to create larger spaces by combining units to your requirement (excluding 14m2 units). A flagship café to the development has been predefined with privately owned visitor car parking. The total number of units may increase or decrease depending on different configuration and final design.
ARE THE UNITS FREEHOLD OR LEASEHOLD?
The Workshops will be a Freehold Strata Titled Unit Development. As the workspaces are not leasehold there is no ground rent to pay. Body Corporate levies, rates and utility charges are payable by your tenant direct in the usual course.
WHEN WILL THE BUILDING START/ FINISH?
Construction is anticipated to commence, subject to satisfying the conditions in clauses 7.1 (a) (b) and (c) of the Sale and Purchase Agreement, around late March 2021 with an estimated construction completion around late October 2022. Issues may arise which are outside the developers control contribute to extended construction time frames.
The Developer anticipates high demand for this development and reserves the right to move the dates forward and start construction early.
The above time-frames are based upon the best information to date; however no warranty is given. The development team will provide regular updates to all purchasers during construction to ensure purchasers are kept up to date with progress.
WHO IS THE DEVELOPER?
The developer is the Marble Arch Trustee Limited as Trustee for the Marble Arch Trust, A Member of the Conrad Properties Group of Companies. Please refer to www.conradproperties.com
The Conrad Properties Group is a Real Estate Development and Investment Company and is one of the largest privately owned developers in Australasia.
Established in 1994, the Conrad Properties Group has completed in excess of 4,600 residential and commercial units.
WHO WILL MANAGE THE PROPERTY TO PROTECT MY INVESTMENT?
The body corporate will appoint a building manager who will be responsible for ensuring the proper day to day management of the development and its services. The developer will appoint a management team prior to settlement to ensure a smooth handover of development operations to the Body Corporate.
If the unit is purchased as an investment, we can recommend a number of independent professional rental property managers and Commercial and Industrial leasing agents.
The building manager is available on call 24 hours a day, 7 days a week. The building managers office/unit is open 8am – 6pm Monday to Friday (excludes public holidays).
TELL ME THE ADVANTAGES OF BECOMING AN OWNER OCCUPIER?
Not only will you benefit from long term capital appreciation – when owning your own unit, you will have control over your work space and tenancy. You can grow your space by adding a mezzanine (subject to council consent).
What’s more you can lease back to your own business to maximize return. (Please seek independent tax advice)
It is recommended that investors base their investment decisions on a long term 10-12 year investment horizon.
All illustrations and artist’s impressions are for illustrative purposes only and landscaping, fittings and furnishings are excluded from Purchase Price Units will vary in size. Every Precaution has been taken to establish the accuracy of the material herein at the time of printing, however, no responsibility will be taken for any errors/omissions. Prospective purchasers should not confine themselves solely to the content of this material and acknowledge that they have received recommendation and had reasonable opportunity to seek independent legal, financial, accounting, immigration, technical and other advice. The Developer reserves the right to increase or decrease the number of units according to market demand and therefore sizes and layouts of units may vary throughout the development. Changes may be made during development and all dimensions, finishes, fittings and specifications are subject to change without notice. Capital and Rental Values Rise and fall according to Market Conditions. It is recommended that Property Investment is at 10-12 year investment horizon. Prices quoted for Commercial Property are GST exclusive.
WHAT DOES THE ONSITE BUILDING MANAGER DO?
The building manager will work from the onsite office/warehouse unit and manage the day to day efficient operations of the Workshops development. They will ensure amenity values are held and deal with operational issues.
IS THERE A BOARDROOM/OFFICE/BUSINESS CENTRE SERVICE ONSITE?
Yes. The building managers office/warehouse unit provides a professional boardroom and work stations as well as office services such as photocopying, couriers, tea and coffee etc. These services are at an extra cost.
WHAT DOES THE BODY CORPORATE DO?
The Body Corporate controls the administration and the general running of The Workshops.
The Body Corporate is responsible for all general maintenance and upkeep of common areas, walkways, roads and landscaping and the exterior of the buildings, roofs, and common services. Office and business centre services are provided at additional cost.
The Body Corporate is also responsible for administrating health and safety compliance of the common property, obtaining a building warrant of fitness, and insurance for the overall development. You, and/or your tenant will need to take out your own insurance in respect of cover for your own business needs.
The Body Corporate and proceedings of Body Corporate meetings are governed by the Body Corporate Rules and Unit Titles Act 2010, a draft of the Body Corporate Rules is available on request.
You will be able to attend Body Corporate meetings and you will have a vote in the various affairs and matters considered by the Body Corporate at its Annual General Meeting. The meeting will have required voting thresholds being 50% ordinary resolutions and 75% majority votes for special resolutions.
The Body Corporate will have a Committee made up of elected owners. They will be responsible for running the Body Corporate.
The committee may also engage a professional Body Corporate management company to ensure all matters are attended to on members’ behalf.
WHAT COSTS FORM PART OF THE BODY CORPORATE COSTS AND HOW ARE COSTS ALLOCATED AGAINST THE VARIOUS AREAS OF THE WORKSHOPS?
All costs incurred by the Body Corporate in managing and paying for the upkeep, repairs and maintenance (including replacements) of all common areas and gardens, and the general management and administration of the Body Corporate will be included in the Body Corporate costs as well as rental and salary costs of the onsite building manager.
These will be ‘levied’ to owners annually and payable quarterly in advance, or earlier where circumstances warrant.
The Body Corporate will be tasked with ensuring that all costs are reasonably and properly incurred, and these costs will be transparent and audited yearly or as agreed by the Body Corporate.
DO WE HAVE TO PAY RATES TO AUCKLAND COUNCIL?
Yes, you will still pay rates to Auckland Council however these will be reduced to acknowledge the services that are already provided by the Body Corporate such as rubbish disposal. You are also responsible for your own property and water rates. If you lease out your unit to a third party tenant, these charges can be passed on to your tenant in your lease.
CAN THE PRICE INCREASE FROM WHAT IS AGREED?
No, your purchase price does not change. We have factored in construction price escalation into our sales prices and cannot raise prices arbitrarily.
DOES THE PRICE INCLUDE GST?
No, GST is exclusive in the price for all commercial property. The purchase price is plus GST (If any). Purchasers will be required to register for GST.
WHAT ARE THE NEW POSITIVE TAX RULES?
Please seek your own independent tax advice. As a general overview comment – depreciation and tax benefits associated with commercial property have been reinstated at a rate of 2% per year. This is a long term benefit providing better cash flow and a is a significant benefit over residential property.
All illustrations and artist’s impressions are for illustrative purposes only and landscaping, fittings and furnishings are excluded from Purchase Price Units will vary in size. Every Precaution has been taken to establish the accuracy of the material herein at the time of printing, however, no responsibility will be taken for any errors/omissions. Prospective purchasers should not confine themselves solely to the content of this material and acknowledge that they have received recommendation and had reasonable opportunity to seek independent legal, financial, accounting, immigration, technical and other advice. The Developer reserves the right to increase or decrease the number of units according to market demand and therefore sizes and layouts of units may vary throughout the development. Changes may be made during development and all dimensions, finishes, fittings and specifications are subject to change without notice. Capital and Rental Values Rise and fall according to Market Conditions. It is recommended that Property Investment is at 10-12 year investment horizon. Prices quoted for Commercial Property are GST exclusive.
HOW DO I SECURE MY UNIT?
Please request a copy of the Purchase Procedure and contact Gerry at Team Torsney Global. Units will be secured via the payment of an initial $1,000 plus GST (if any) non-refundable deposit followed by receipt of an unconditional agreement for sale and purchase and appropriate deposits paid within the specified time periods. Please refer to the separate purchaser procedure.
HOW WILL I BE KEPT INFORMED OF THE PROGRESS?
All purchasers will be kept well informed of progress during construction by way of quarterly newsletters and regular updates on the project web site. These reports may be forwarded electronically if your email address is provided.
IS THE BUILDING BUILT TO SEISMIC CODES IN NEW ZEALAND?
The building will be designed and built to the New Zealand Building Code
WHAT IS THE STUD HEIGHT IN THE UNITS?
The stud height will be approximately 6 meters high. Where selected, units with a mezzanine floor will be placed approximately 2.7 meters from ground. The extra cost of a mezzanine is outlined in the upgrade options and varies to the size of the unit. Please refer to the upgrade options outlined in this flyer. Typically, a mezzanine floor is 1/3rd of unit area to a maximum size of 35m2.
WILL THE UNITS BE WEATHERTIGHT?
External cladding systems shall be constructed so as to be fully weatherproofed and achieve compliance with the New Zealand Building Code and relevant New Zealand standards. External walls consist of pre-cast concrete walls and colorsteel profiled mettle cladding.
CAN THE DEVELOPER MAKE VARIATIONS TO THE WORKSHOPS PLANS AND OUTLINE SPECIFICATIONS?
Yes, there are instances in which legislative changes and Local Territorial Authorities requires the Developer to make changes to abide by contractual law, best practice at the time or because certain materials are not available.
If materials are changed, they must be of equal quality and value to those shown in the plans and outline specifications.
IS THERE A WARRANTY PERIOD?
Yes, from the date of completion of the building work you will have a 12 month warranty whereby the builder is required to remedy any faulty materials or workmanship in the items supplied or undertaken by the vendor, except those arising as a result of wear and tear. You have a 30-day period from settlement to advise the remedials team of these items.
In addition to this you will be covered by the builder’s normal warranty and the workmanship and material warranties held by the Body Corporate.
ARE THE UNITS WIRED FOR TELEPHONE, INTERNET, 3 PHASE POWER AND ELECTRIC VEHICLES?
Telephone/ Fibre are wired to all units. Cables will be supplied to a demarcation point in the tenancy. The purchaser will be responsible for the supply and cost of all telecommunications and Internet connections.
There is an option to upgrade to 3 Phase power if required at an extra cost.
A conduit from your electrical board to your carpark (where applicable) – to future proof for electric car charging.
WHAT HAPPENS TO RUBBISH?
There are communal rubbish areas located throughout The Workshops development that will be cleared several times a week. Separate bins will be provided for general waste and recycling. Each rubbish area will be fully screened and covered so as not to detract from the common area amenity value. Certain rubbish materials can not be dumped such as hazardous waste, car tyres etc.
THE WORKSHOPS
All illustrations and artist’s impressions are for illustrative purposes only and landscaping, fittings and furnishings are excluded from Purchase Price Units will vary in size. Every Precaution has been taken to establish the accuracy of the material herein at the time of printing, however, no responsibility will be taken for any errors/omissions. Prospective purchasers should not confine themselves solely to the content of this material and acknowledge that they have received recommendation and had reasonable opportunity to seek independent legal, financial, accounting, immigration, technical and other advice. The Developer reserves the right to increase or decrease the number of units according to market demand and therefore sizes and layouts of units may vary throughout the development. Changes may be made during development and all dimensions, finishes, fittings and specifications are subject to change without notice. Capital and Rental Values Rise and fall according to Market Conditions. It is recommended that Property Investment is at 10-12 year investment horizon. Prices quoted for Commercial Property are GST exclusive.
WILL THERE BE VISITOR PARKING?
Yes, available throughout the development. There are also no parking restrictions on the local road. Visitor onsite parking will be limited to a 2 hour maximum and controlled by the building manager.
CAN I PURCHASE ONE OR MORE CARPARKS IN THE DEVELOPMENT?
The Workshops have a minimum number of carparks allocated to most units and these are included in the purchase price. It may also be possible to purchase extra car parks depending on availability. Specific carpark(s) once allocated to your unit will be included on the title of your industrial workspace.
ARE THERE DISABLED CARPARKS?
Yes. These are scattered throughout the development.
ARE THERE E-BIKE CHARGING STATIONS AND E-BIKE PARKING?
Yes. E-bike charging stations and parking are provided throughout the development. This is a Body Corporate expense.
HOW DO I KNOW IF MY INVESTMENT IS CARED FOR?
The building manager will ensure standards and amenity values are held to the highest levels in terms of maintenance, presentation, security and signage.
WHAT ARE THE SECURITY FEATURES?
The Workshops development has 24-hr CCTV cameras dotted around the development and common vehicular carriage ways within the development to record all activity. These are intended to assist when an incident is reported. The building manager will work from his or her office and will keep an overview and monitor daily activities time to time where appropriate (only on days that the managers office is open).
I AM A NON-RESIDENT, MAY I PURCHASE A UNIT?
Yes, you can. As the units are classified as non-residential there are currently no restrictions to purchase for non-resident purchasers.
WHAT ARE THE ANTICIPATED USES OF THE UNITS?
(For full anticipated uses please refer to a separate ‘uses’ supplement which covers permitted discretionary and non-complying uses. We recommend you seek independent planning advice from a registered town planner.)
Industrial
Industrial, light-manufacturing wholesale, storage and lock-up facilities are all appropriate uses of the spaces in an Industrial sense.
Commercial
Office as an accessory to the primary activity of the unit up to 30% of the floor area is permitted.
Trade
Trade is a permitted activity.
WILL SIGNAGE REMAIN STANDARDIZED?
Yes. In order to maintain amenity integrity and overall appearance standard. There are also very strict rules within the Body Corporate Rules.
WILL SIGNAGE BE LIT AT NIGHT ON MY UNIT?
Yes, there are two pin spots per unit provided above each roller door that illuminate signage at night. This is a body corporate cost.
WHO HELPS ME AND IS MY POINT OF CONTACT?
The Client Services Team is your main contact over the months of construction through to settlement and is here to answer any questions you have. See separate Client Services Team leaflet..
TELL ME ABOUT THE HIGHER RETURNS OF INDUSTRIAL PROPERTIES OVER RESIDENTIAL PROPERTY?
If leased today residential investors typical rental yields are 2-3% based upon the median Mt Wellington House Rental of $530* per week then you deduct (body corporate, rates, insurances etc.) Industrial units at “The Workshops” Mt Wellington can expect if leased today initial rental yields up to 5% returns.
Please note that capital and rental values rise and fall according to market conditions.
*Source: https://www.tenancy.govt.nz/rent-bond-and-bills/market-rent/?location=Auckland+-+MT+Wellington&period=140&action_ doSearchValues=Find+Ren
TELL ME ABOUT MY UNIT’S REAR YARD ( IF APPLICABLE )?
Some of the units have a rear yard and back entry door.
The yards are approximately 5 meters deep and the width of your unit.
The rear 3 meters depth along the common boundary is landscaped as a visual buffer to the adjoining residential properties. This is a zone requirement. There will be a covenant or encumbrance placed on the title to ensure this rear landscaping buffer is maintained and an maintenance and access easement allowing work persons to access the rear land for maintenance and servicing issues.
There is approximately 2 meters of further depth that is paved and has rear access from your unit from a rear door entry – please refer to the unit plans for specifics ( if applicable )
This area will have an outdoor light and be fenced between each unit
Basically it is an outdoor amenity area for staff.
TELL ME ABOUT THE CONTAINER AND STORAGE AREA?
This set down area can be booked for loading and unloading of goods. The onsite licenced forklift / logistics operator (building manager) can deliver and assist to load your container at your cost. There is a maximum hire period of the container loading area of three hours. Bookings are made through the building manager and costs are paid directly to the onsite forklift/logistics operator/building manager.
DOES MY UNIT COME WITH A BATHROOM?
Yes, except for units that are 21sqm and under do not have a bathroom but occupiers can use the common bathroom and toilet facilities. There are some units sized at 21sqm that have a bathroom, these are more expensive than your standard 21sqm unit.
Purchasers are advised to refer to each block’s individual unit plan.
DOES MY UNIT COME WITH A KITCHENETTE?
All units that are larger than 14sqm have a kitchenette. The Kitchenette cabinet comes with a sink and mixers and HWC located under. Appliances excluded.
TELL ME ABOUT THE ONSITE CAFÉ?
The onsite café will be a focal point of the development and will provide a wide menu of food and café options. The café has 10 privately owned visitors carpark with a maximum time limit of 90 minute parking.
ARE THERE DISABLED AND PUBLIC TOILETS ON SITE?
Yes. Whilst most unit owners and tenants will have their own toilet facilities within their units, Female, Male, Unisex and Disabled toilets are available on site as well as a parents changing room.
DO I HAVE DRIVEWAY ENTRY SIGNAGE?
Yes. Every unit has driveway entry signage floodlit at night.
WHAT IS THE SIZE OF THE CONTAINER SET DOWN AREA?
Approximately 14m x 7m. This area is to accommodate maximum 20 foot containers.
WHAT ARE THE FLOOR LOADINGS?
Ground Floor loading 3 kPa.
Mezzanine Floor loading 2.5 kPa.
HOW STRAIGHT FORWARD IS IT TO LEASE MY UNIT?
Introductions to leasing agents can be made by the client services team. There are just simply lots of businesses from trade businesses such as painters, plumbers, electricians to e-commerce importers and exporters and a wide range of business tenants looking to rent or lease your premises.
WHAT ARE THE UPGRADE OPTIONS?
You can choose to upgrade multiple elements of your unit to suit your workspace. Upgrade options and pricing is set out below:
3 PHASE POWER (63Amp) $5,000
MEZZANINE OPTIONS
16m2 mezzanine including balustrade and stairs to 32m2 units $65,000
20m2 mezzanine including balustrade and stairs to 41m2 units $70,000
25m2 mezzanine including balustrade and stairs to 51m2 units $75,000
30m2 mezzanine including balustrade and stairs to 62m2 units $80,000
35m2 mezzanine including balustrade and stairs to all larger units $85,000
GLAZED SECTIONAL DOOR $25,000In lieu of galvanized steel
CAN I LIVE IN THE UNIT?
No, living in your unit is not a permitted activity.
IS THERE A DIRECTORY BOARD?
Yes, there will be a directory board on-site towards the entrance of The Workshops. There will also be a directory listing on the dedicated web-page controlled by the building manager.
ARE THE INTER-TENANCY WALLS CONCRETE ?
Yes they are pre – cast concrete.
CLIENT SERVICES TEAM
The Client Services Team Is your main contact over the months of construction through to settlement. We will share information with you and answer any questions you have.
NEWSLETTERS:
We will send you quarterly newsletter updates on the progress of THE WORKSHOPS over the months of the construction period.
COMPLETION: The team will contact you approximately 5-6 months before THE WORK SHOPS are expected to be completed. We will register your details, guide you through the final steps to completion, and provide information for settlement.
PROPERTY LEASING: If the property is not your own business address, property leasing teams provide a range of services for landlord including to source suitable tenants and help with signing a lease agreement with a tenant.
TAX PROFESSIONALS: A good business plan includes tax effective structures. Tax professionals give guidance including registering for GST activities, and helping investors obtain an IRD number.
BORROWING: Commercial finance loans require security such as property and each Lender has their own criteria that apply at settlement. Commercial lending specialists help explain the differences between loan types and structures, related fees and charges and provide professional investors with loan options to achieve their objectives.
INSURANCE: Small Business insurers provide flexible cover customised to meet the needs of small business owners and landlords.
It makes sense to engage the right professionals and the Team Torsney Global can introduce independent professionals you can engage to help.
SETTLEMENT: The CS Team provides answers to questions about completion and settlement.
THE TEAM WILL:
• Introduce the Body Corporate and Building Manager
• let you know when you can visit your property (subject to any COVID-19 restrictions at completion)
• confirm what happens when you settle
• let you know how to pick up your access key – after you have settled
For more information about THE WORKSHOPS please feel welcome to contact us at any time.
teamtorsney@gmail.com
Disclaimer: The Client Services Team is a courtesy service extended by the Vendor with the recommendation that all owners must seek appropriate legal and other professional advices and information for concluding settlement as per your contractual obligations. This material is provided as general information for marketing purpose only and all content is without prejudice to the clauses contained within your Agreement for Sale and Purchase. Should there be any discrepancy or inconsistency, the terms of the Agreement for Sale and Purchase prevail. Note: There are no fees payable by an owner for services provided by the CS Team, and the Vendor does not accept referral fees or payment for introductions made to any third parties by the CS Team.