| 67 T T Karen Phelps Freehold unit title at Willowbrook Buyers at Willowbrook Community in Clive, currently under construction, will own their house and the land with it, with the balance of the land around the village being commonly-owned. The village will comprise of 35 single level dwellings and community room. Birman: Willowbrook Subdivision DEVELOPMENT Willowbrook Community is an innovative new retirement housing development currently under construction in Clive township, situated midway between the main Hawke’s Bay urban centres of Napier and Hastings on the Heretaunga Plains. Vince Byrne is one of two partners in the development and explains that a key point of difference with Willowbrook is the freehold-unit-title system of ownership. “What this means is that, unlike most of the larger corporate retirement villages which operate on a licence-to-occupy model, the buyers at Willowbrook actually own their house and the land beneath it, with the balance of the land around the village being commonly-owned. “The implication is that in the event that the owner ever on-sells the property they will get the full value of any capital gain. By contrast, with the licence-to-occupy system, the most that a buyers can hope to get back on their purchase is usually just the amount they originally paid for it, less up to 10% per annum over the first two to three years, with the company that owns the village getting both the 10% per annum plus all capital gain.” Vince says that he doesn’t want to be critical of the licence-to-occupy system and that for a lot of people it works absolutely fine. But for anyone concerned about the loss of their capital, or who may be worried about getting financially locked-in to a particular village, because they no longer have the capital that would allow them to move, the freehold-unit-title system is a good alternative. And because all of the land beyond each house is in common ownership, maintained by the village-run body corporate, it offers all of the advantages of being able to lock-andleave, knowing that gardens and lawns will be taken care of. Another significant attraction is that, unlike most other retirement villages where the minimum age for entry is usually around 70, the minimum age of entry at Willowbrook has been intentionally set at a relatively young 50 years of age. Vince explains that this minimum age limit is designed to create a mature-minded community but with a greater age-range and generally more youthful feel. “At Willowbrook you can also keep a pet, including dogs as long as they are well-behaved they’re perfectly welcome. A lot of other retirement villages allow dogs as well but often that is only for the remaining life of the pet that they bring with them. “Once that pet has passed on, it is usually not possible to replace it. We don’t have that restriction. We think that it is important for people to have the companionship of pets around them. That goes for anyone, at any age.” The village, when completed, will comprise a total of 35 single-level dwellings plus a community common room. The first five units have been completed, or are nearing completion, and seven units have now been sold including pre-sold. Vince says that the uptake has been impressive. “It demonstrates that this is the sort of retirement option that many people are now looking for.” “Buyers at Willowbrook actually own their house and the land beneath it, with the balance of the land around the village being commonly-owned.” • Subdivision • Private and Commercial Drainage Proud to be associated with Birman - Willowbrook Subdivision NO JOB TOO BIG OR SMALL Phone Terry Santo 027 493 4860 Email terry@santodrainage.co.nz
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