A little bit about Ockham Residential, the developers behind Koa Flats. And some information about the project itself – who is building it, when construction starts, and when we expect to finish.
Tell me about Ockham
Ockham Residential is a market leader in Auckland's development community. Since starting out in 2009, we’ve delivered 716 apartments across 13 major residential projects across the city. Developments such as Daisy in Mt Eden, The Isaac in Grey Lynn and Hobsonville’s Bernoulli Gardens have won plaudits from critics and buyers alike.
Our vision is a simple one – to build beautiful buildings that people like and want to live in. We call ourselves ‘urban regenerators’ – we want to play our part in making the new Auckland work, without losing the charm of the old. We adore Auckland: we believe it is one of the most naturally graceful cities in the world. The challenge is to try and ensure our built city is as stunning as its natural setting.
Who will build Koa Flats?
As part of our commitment to the highest possible standards, Ockham Residential has formed its own construction arm. Ockham Construction has completed major projects including Daisy in Mt Eden, Tuatahi and Modal in Mt Albert and the just-finished Kōkihi in Waterview. The team are currently working on Aroha (Avondale), Star Newton (City), The Greenhouse (Ponsonby) and Manaaki (Onehunga).
How many apartments are there at Koa Flats?
There are 14 apartments at Koa Flats, a mix of one and two bedrooms.
Does the development depend upon a certain level of pre-sales?
There is no specific number of pre-sales required for the development to go ahead, but there is a general vendor development condition in the sale and purchase agreement.
How are you funding Koa Flats?
Ockham Residential has the funds to finance the project with additional development funding from a bank. There’ll be no mezzanine finance of third party debt or equity involved.
Let’s face it: the actual building side of things – the diggers, the cranes, the concrete trucks... the hard hats and hi-viz vests – is pretty damn exciting. But how are the buildings being constructed? And when can I move in!
Ockham’s buildings have a reputation for being solidly built…
They do. And Koa Flats – constructed of reinforced concrete and steel built to the latest engineering and earthquake standards – will be no exception.
And the fit-out?
Our apartments are built to last. Floors are concrete and the inter-tenancy walls (walls between apartments) are designed to provide excellent acoustic privacy. All apartments are double-glazed, have high ceilings, over-height doors and are fitted out to a very high standard. Each comes with an appliance package, which includes an oven, induction cooktop, dishwasher, rangehood and washer/dryer combo.
Sounds great! When do you expect Koa Flats to be finished?
We expect construction to get underway in February 2022, with completion anticipated in Q2 2023.
The Sales Process
One of the advantages of buying an Ockham Residential apartment is that you’re buying directly from us. We have our own specialist sales team who know our developments back to front. They’ll be with you each step of the way.
I’m a first-home buyer and, to be honest, am a bit daunted by the process. Can you help guide me in the right direction?
We hear you – it’s a complicated process with a fair bit of paperwork to get through. We’ve prepared a step-by-step guide to the Sales Process which explains the sequence of things. We’d also encourage you to take your time and do your research. Settled, the government’s advisory website, is an excellent source of independent, Plain English info.
Lots to read up on – but I’d also like some specific info on Koa Flats. Can I come see you?
Yes, of course! We have a sales suite at 54 Surrey Crescent, Grey Lynn. We have a scale-model of the development, samples of the finishes and all the plans and details. Our friendly, fiercely well-informed sales team will take you through it all.
I’ve checked Koa Flats out – and like what I see! How do I actually buy an apartment?
Righto. Our 'How to buy' section will take you through things step by step.
Are there any KiwiBuild apartments at Koa Flats?
No, we don't have any KiwiBuild apartments at Koa Flats, though we do have a few left at our Manaaki development in Onehunga.
Do you offer a ‘due diligence’ timeframe?
Yes, our sale and purchase agreement allows for five-working-day ‘due diligence’ and finance conditions. During this time your lawyer will review the agreement and related documents and you may also want to get an agreement in principle from your bank.
The five-working-day thing also gives you time to do further homework so you’re well-informed and ready to proceed. If you change your mind, you can walk away without penalty (and without having to give a reason).
Is my deposit secure?
Absolutely. All deposits are held in trust by Ockham Residential’s lawyer until settlement (when the building is finished and titles issued). While your deposit is held within the trust account, you will receive any interest. Ockham cannot use the deposit funds to complete the development.
Are the titles freehold?
Yes, Koa Flats will have a Stratum in Freehold title, sometimes referred to as a unit title.
Do I have to make any progress payments throughout the build?
No, once you’ve paid your 10% deposit, you don’t have to pay the balance until settlement. Settlement takes place once the building is complete and the Titles and Code of Compliance Certificate (CCC) have been issued. At that time our lawyer will provide yours with a 10-working-day settlement notice.
Can the price of my apartment go up during the build?
No, the price stated in the Sale and Purchase Agreement (when you pay your 10% deposit) is the full price you’ll pay for your apartment at settlement time.
Car parks. Bike racks. The storage situation. The pool, the pergola, the outdoor lounge... tell me more!
Do the apartments come with a car park?
All the two-bedroom apartments at Koa Flats (as well as apartments G01 and G02) come with one secure underground car park included in the price.
Are there storage lockers?
We have seven storage lockers available on a first-come, first-served basis. They are located in the basement of the building and cost $6K each.
Are there bike racks?
We’re big fans of bikes at Ockham. Each apartment has its own allocated bike rack.
What are the communal amenities at Koa Flats?
There's a lovely outdoor lounge area with a pergola and communal plunge pool. Perfect for chilling out on hot summer afternoons.
If you haven’t lived in an apartment before, you’ll probably have a few admin questions. Like who do I see if I need something fixed, where's the rubbish kept, can I have pets…
Any additional running costs I need to factor in?
Apartment owners are responsible for the annual Body Corporate levy and Auckland Council rates. Water and power are individually metered so you pay for what you use. Building insurance is included in your body corporate fee, but you’ll need to get your own contents insurance.
What guarantees do you offer? is there a maintenance and defects period?
Ockham Residential’s buildings are constructed from time-proven durable building products and comply with the latest engineering standards. We have a track record of quality developments and maintain a connection to the buildings – and communities – we’ve become a part of.
We operate a 90-day maintenance period from the date of settlement. If there are any issues or problems within this period, let us know and we’ll fix them. There are emergency contacts for any urgent matters. Following the 90-day maintenance period, any further building defects are covered under the Building Act.
The Koa Flats Body Corporate will be the beneficial holder of all guarantees and material warranties.
Will there be a building manager?
Yes, an offsite building manager will be appointed. They’ll handle the day-to-day operations and maintenance required in the development. With all Ockham developments we look to the long-term. Our developments are built with durable – and enduring – materials to keep ongoing maintenance costs as low as possible.
Are you pet-friendly?
Yes, pets are allowed – with the written consent from the Body Corporate. Please check the Body Corporate rules if you plan to have a pet.
What system do you have for rubbish and recycling?
Bins will be provided for rubbish and recycling. These will be emptied by an external contractor under the management of the Body Corporate.
What’s the security like?
Good security is one of the real benefits of apartment living. Your swipe card will give you access to your building and car park. Normal keys will be provided for apartment front doors. There’ll be CCTV at the entry of the building and in the car park.
The Body Corporate (BC)
Although it may sound like a workwear fashion label or B-grade horror film, The Body Corporate, or BC, is actually a legal entity required to manage Unit Title properties in Aotearoa. You should know about BC’s prior to purchasing any apartment.
What is a Body Corporate?
A Body Corporate is an entity made up of all the unit owners in a unit title development. Everyone who owns an apartment at Koa Flats will be in The Body Corporate, because everyone shares a stake in Koa Flats.
Will there be a Body Corporate at Koa Flats?
Yes, as with all apartment developments, Koa Flats will have a Body Corporate. We’ve worked closely with Crockers to develop a comprehensive Body Corporate budget and Body Corporate rules. Our sales team will be happy to take you through the detail. But a good primer is this interview Joss from our sales team did with Helen O'Sullivan from Crockers in 2020.
What will the Body Corporate do?
The Body Corporate will be responsible for all decisions relating to the common property at Koa Flats – like the pool, shared garden, exterior of the building and interior common areas (eg. the car park and hallways). The draft budget and Body Corporate rules have been created by Ockham and Crockers (who will be the Body Corporate Administrator). Within the first six months, the first BC meeting will be held and a BC Committee voted in. The BC Committee will be closely involved with the decisions and running of the BC.
Can I become a Body Corporate Committee rep?
Yes. All Koa Flats apartment owners can run for election to the Body Corporate Committee. Start working on your campaign speech now!
How much will the Body Corporate fees at Koa Flats be?
There is a draft budget and estimated levies included in your purchaser information pack, downloadable from the website. You should note that the fees are estimates, so may vary from now until settlement. The reason for this is that certain costs (eg. building insurance) are not fixed so could change between now and settlement time in 2023.
What is included in my Body Corporate fee?
The detailed draft budget is available here. In summary, all the shared expenses that are not apartment-specific are included, such as house insurance, pool maintenance, security systems, cleaning of building and common areas and rubbish removal. Your rates are not included (you will pay these directly to Auckland Council), neither are water and power – these are individually metered and paid for.
When will my first instalment fee become due, and how do I pay it?
The first instalment is due on settlement because the Body Corporate needs funds upfront to pay for stuff like insurance. Just before settlement our lawyer will send yours a settlement statement outlining the money payable on settlement, this will include your first body corporate levy.