Riverdeen Park Limited is registered with the Retirement Villages Association of New Zealand. The overall operation of Riverdeen Park is overseen by a Statutory Supervisor from Covenant Trustee Services.
PURCHASING
As with most retirement villages in New Zealand, Riverdeen Park offers an Occupational Right Agreement. This gives you, the owner, the absolute right to occupy the unit for the term of your life. This does not give you title of the land, this remains in Riverdeen Park Limited.
All agreements pertaining to Riverdeen Park are held by Solicitor Neil Weatherhead of Wilson Barber & Co.
Current entry age is 65 years and over.
SELLING
Riverdeen Park first and foremost facilitates the sale of units.
The capital from the sale is paid out when the home is sold, and after all refurbishments have been made for the next occupier. If there is a delay in sale or settlement, the fixed weekly fee is payable for up to six month after vacating the unit.
On termination of the agreement, the capital from the sale is paid out less the capital deduction, currently 20% over a maximum of four years. Added to this is a 30% share of the capital gain from the sale. This is set out in the individual agreement.
WEEKLY FEE
A weekly management fee is set to help cover costs associated with the property. The Statutory Supervision of the property requires the weekly fee to not exceed the costs associated with the property. Therefore the weekly fee covers:
- Rates
- Insurance of building, carpets and drapes
- 24 hour security
- Maintenance on the exterior of the units
- Lawn mowing
- Gardens to common area
- Rubbish collection
- Administration
- Statutory Supervision
MANAGEMENT
Riverdeen Park Limited has been in the business of developing and managing the retirement units since 1985. The current administration is overseen by Directors Lynda Mason and Patrick Willock.