Frequently Asked Questions
Are there any conditions for me becoming a resident?
At the time of entry, incoming residents must be 55 years or older and able to live independently. Before we are able to exchange contracts, we will send you a simple medical certificate which must be completed by your doctor and will be forwarded to the CEO in confidence. This certificate asks whether you are currently able to manage day-to-day living in your selected accommodation. There is no requirement to be fully retired from work to become a resident.
What type of accommodation do you offer?
Accommodation at the Astra is comprised of 56 one and two bedroom apartments over five floors. Each apartment has its own unique character, size, shape and aspect; some have unsurpassed beach views, others are smaller and less expensive. All units have lift access, although a few also have a small number of stairs. Our units range in price from $460,000 to $1,450,000.
How can I purchase a unit at the Astra?
If you are interested in a particular unit we will give you a General Inquiry Document and a Disclosure Statement that will supply you with more detailed information about the village and the fees. Should you wish to purchase the unit we will also provide you with a copy of the retirement village contract that includes the lease agreement.
Moving into a retirement village is a significant decision and there are a number of things you should consider. By law, you must be given at least 14 days to review the proposed contract before signing. Please ensure that you read all the terms and conditions, and if you are unsure about anything don’t hesitate to ask us to explain it in more detail. We strongly recommend that you also speak to a legal advisor or solicitor.
What is the tenure for your village?
Our apartments are sold on a leasehold arrangement, whereby the village operator owns the title and you lease the unit from the operator for a 99 year term (known as a lifetime lease). You have security of tenure as your sublease is added to the head lease at the Department of Lands and Information. The advantage of this form of ownership is that no stamp duty is payable.
What if I have to sell my current residence first?
After two weeks has elapsed from the time you received the Disclosure Statement, and under the advice of your solicitor, we can either sign the retirement village contract with a full exchange of proceeds, or you may prefer to sign an agreement confirming your intention to enter into a contract, secured by a 5% deposit. Many prefer this option as it gives you extra time to sell another property, pack up and move. Usually settlement takes place within 6 weeks, however the timing can be structured to suit your circumstances.
What if I change my mind?
Whichever option you choose, there is a settling-in period; if you need to move out of the village within 90 days of becoming entitled to occupy the premises, you can move out without incurring any departure fee. Your purchase price will be refunded, less any deductions for reasonable costs incurred by the operator (such as wear and tear).
How can I be sure that the standard of facilities, care and support services will not diminish over time?
The management team at the Bondi Beach Astra Retirement Village, an experienced operator in NSW for many years, is highly regarded in the industry and is committed to creating premium retirement villages for the comfort and well-being of their residents. One of the main benefits of entering into a lifetime lease is that the village operator retains ownership and therefore has a prime interest in ensuring that the reputation of the village’s facilities and services is always maintained to the highest possible standard. Your agreement with the operator includes a formal commitment to the upkeep of the village. Residents’ rights and interests are also protected by the Retirement Village Act (1999) and Regulations (2009).
Are pets welcome?
Unfortunately, pets are not welcome on common property, but the Executive Committee will consider reasonable applications to keep a pet in an individual unit.
On the resale of my unit, what is your departure fee and will I get a share in the capital gain?
Our departure fee is calculated at 2.5% per year of the original purchase price of the unit, for each of the first 15 years of occupancy only. If you enjoy living at the Astra for more than 15 years there is no further fee applicable. This compares favourably to many villages who charge higher amounts during the early years of occupancy. We also offer outgoing residents 100% of any capital gain, less the above departure fee.
Mrs Smith moves into Bondi Beach Astra on 1st January 2013. She pays $500,000 for her unit. After 10 years she decides to leave. Her unit is now sold for $800,000. What does she gain from this sale?
- Purchase price: $500,000
- Period of occupancy: 10 years
- Departure fee: $500,000 less 25% (2.5% x 10 years) =$125,000
The capital gain that Mrs Smith receives is calculated as follows: $800,000 new sale price minus the $125,000 departure fee (for 10 years of occupancy). This means that she receives $675,000 on vacation of her unit.
Please let us know if you would like more detailed information about departure fees and capital gain. We can provide you with a spreadsheet showing outcomes for a range of appreciation rates and residency terms.
Can I have friends and family to stay?
Yes, your friends and family are welcome to stay with you in your apartments. There is a requirement to notify Reception in the case of overnight or short stay guests. Visitors will be welcome to use the village’s facilities; however, they must be accompanied by a resident. Visitors may remain with you for a maximum of two weeks at a time and may be asked to leave by Management if there is a concern.
Where can I park my car?
Residents wishing to park their car in the village can apply for a separate license for a car space, where these facilities are available. Parking spaces for visitors are also provided within the village, but these are not intended for long-term use by residents. The license fee is $2500 and goes towards maintaining the village. Resident parking permits are also available from Waverley Council for on-street parking in the area.
What inclusions are there in a particular residence? Who is responsible for maintaining these items in good order and condition?
A list of inclusions, as inspected, is provided in your agreement. Residents are responsible for maintaining these items in good order and condition. Any electrical appliance in the agreement will be replaced by the village at the end of its useful life with another appliance in good working order.
What medical services are available to residents?
The Bondi Beach Astra is an independent living village. Each unit has access to a 24 hour medical alarm, and our concierge service is available on weekdays 9am-5pm to assist residents. Home help services can be arranged privately or through government providers as required. The office team are happy to assist with this where appropriate.
What activities and optional services are available to residents?
The village and the Social Committee offer a full calendar of activities for residents to take part in. Regular events include movie and games nights, afternoon teas and day trips in and around Sydney. The Committee is a friendly group; they warmly welcome all new residents, and are also happy to chat with prospective residents and families.
The office team can assist you with optional services, some of which may be at an extra cost. Services available include office tasks such as bookings and concierge service, meal ordering, arranging handyman visits and other ad hoc duties.
All details are provided in writing in the lease documents and in notices required by legislation. However, if you require further information, we will be happy to respond to your request. Please contact us and we will get back to you as soon as possible.