Costs & ownership
Licence to Occupy
You can reserve a villa for a $5,000 deposit or an apartment for a $1,000 deposit at Knightsbridge Village. This is fully refundable if you decide not to proceed.
If you do decide to proceed, a contract called an 'Occupation Right Agreement' will be prepared and sent to your solicitor, who will advise and make sure that you understand it fully before signing. The type of 'tenure' you will have at Knightsbridge Village is known as an Occupation Right Agreement (ORA), this does not confer any interest in the land.
Ongoing & Outgoing Fees
In addition to the purchase price, which is called entry into the Occupational Right Agreement (ORA), there is an on-going fixed weekly fee to cover the day-to-day operating costs and the upkeep of the village. We make no profit from this weekly fee.
When you decide to leave, and your home has been sold, we will pay you an amount equal to your original entry payment less a Deferred Management Fee (DMF). This helps cover the costs of building and maintaining the village and all its facilities.
*** The above applies to all the Arena Living Villages, except for the recently purchased Mt Eden Gardens Village. For information on Mt Eden Gardens Village please call Tracie King on (09) 630-6303
Click here for more detailed information about the DMF and other costs payable when you sell your property.
Village Management Structure
Knightsbridge Village has a full-time village manager who is responsible for the day-to-day administration of the village. The manager is your first point of contact if you have any questions or concerns and they will always try to address them fairly and promptly. We also encourage all of our residents to have a say in how their village is run by speaking with the village manager about any ideas or concerns, and participating in the residents committee meetings.
Click here for more detailed information about the costs and management of Arena Living villages.