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The contract was cancelled pusuant to Clause 7.3 in the contract.
7.3 Reads Termination – If the conditions precendent in clause 7.1 are not satisfied by the scheme date, the seller or, subject to clause 7.2, the buyer may terminate this contract by notice in writing to the other party.
7.1 Reads Preconditions – The following are conditions precedent to settlement of this contract
i) the local government issuing a certificate of classificationn or other approval required for the building to allow legal occupancy of the lot and
ii) the seller establishing the scheme.They haven't identified which part of the clause, but construction is underway and they have obviously re-registered the scheme as they are re-selling the units. The scheme has in fact been extended before.
What does anyone think about that?
Kylie
I commented to you back in 2005. Did you ever buy a unit at Strathpine? I have recently had my purchase contract cancelled and am wondering who else is in the same boat
Kylie – re units at Oxford Crest Strathpine. I am also waiting on completion of a unit at this development. Unfortunaley the latest news is that completion wont be until June 2006, which is 2 years late. I have emailed Oxford Crest and never had a reponse as to why the project is so delayed. On the other hand I bought in at $96 000 and I understand that the selling price is not a great deal higher.
I also have a unit at River Hills in Eagleby (Near Beenleigh QLD and managed by Oxford Crest) and it has run at almost 100% occupancy since I purchased it. The property managers there are very professional.
They are a good invesment as they are relativley inexpensive to purchase and produce a good cash flow. From recent sales figures, the prices are also increasing and there will never be a shortage of tenenats.
The only thing to note is that their management fees are higher than some others in the industry (apparently) and the continual high increases are in the contract that you sign. Stewart, Silver, King and Burns are body corporate managers who have some experience in this area.
Originally posted by RCCASSEL:Hello Kylie,
I am currently waiting for completion of their Strathpine complex as I have deposit on 2 units as investment. Unfortunately, I have been waiting since late 2003. They have had no end of trouble in all areas and completion is still not due until late this year.
In my case it has stalled a few things as deposit being held in trust I have not wanted to adversely affect my borrowing capacity + fact these units are not easy to finance, particularly through major lenders.
I am not too worried as I believe these units will be beneficial in long term and am looking at others through Oxford Crest & another complay in Victoria.
The positive cash flow after deductions is good & I say go for it.Bye,
ReaganR. CASSELLS
