FAQs

Each apartment at The Royce has a 99 year lease. Essentially, such a lease gives you similar rights to a freehold title (you can confirm this with your legal adviser) but it has significant financial benefits. When you sell your apartment a brand new 99 year lease is issued to the new owner.

No. One of the major benefits of leasehold over freehold is that you don’t pay Stamp Duty. This will mean substantial savings for you.

All leases are protected by the provisions of the NSW Retirement Villages Act (1999) your rights are protected by an Act of Parliament. This provides you with great security.

More information on this can be found at www.fairtrading.nsw.gov.au or simply speak to your legal representative.

Once you have secured your reservation, we will then prepare a Disclosure Statement and Lease Agreement for your apartment and car space. Once received and acknowledged, this will commence a 14-day cooling off period, at the completion of this time, you will be asked to sign the agreements.

An initial $2,000 reservation fee is payable when you register your interest. If you decide not to proceed the $2,000 reservation fee will be fully refunded.

A further $8,000 is payable at the time of signing the Lease Agreements at the conclusion of the 14-day cooling off period and is fully refundable.

The cost of maintaining, staffing and operating The Royce is met through the payment of a monthly recurrent charge by all residents.

The amount payable depends on the type of apartment purchased.

The Royce is now offering fixed fees for life!  Your fees will be fixed and never incur another increase from the time you enter.  Other villages will increase fees on an annual basis however at The Royce you have peace of mind knowing your fees will remain the same for your length of stay.  You can relax and focus on enjoying your retirement.

The recurrent charges for general services includes, but is not limited to, the following items:

• Council and water rates of your apartment and community spaces
• Repairs and maintenance* of supplied appliances
• Maintaining the communal areas and facilities to the high standards of The Royce
• Gardening and maintenance of the beautifully landscaped gardens and walkways
• External window cleaning
• Lift operation and servicing
• 24 hour emergency call system
• Concierge and village management
• Electricity to common areas

Note: Every resident is responsible for their own electricity, telephone, internet and contents insurance payments.

*All maintenance is under a fair wear & tear basis. 

It is important that you feel totally comfortable about purchasing your apartment. While you may just employ a conveyancing service (as you would when buying a normal residential property) we would encourage you to consult your solicitor or an accountant with experience in retirement living contracts to give you reassurance of the processes involved.

Yes, a monthly account system will be in place to make periodic payments easier for you.

As each apartment is individually metered, you will only be charged for the electricity you use.

It’s your apartment, so you are free to sell it whenever you choose at the prevailing market value. When you do sell, the new owner will receive a new 99 year lease.

We recommend that retirement living apartments are best sold by those with specific knowledge of the market – and should you nominate us to handle the sale on your behalf there is no commission payable as it is included in the Deferred Management Fee.

Deferred Management Fee

There are costs involved for the ongoing provision of the building infrastructure and facilities available at The Royce. Rather than having to pay for these through a higher price when you purchase your apartment, payment is deferred until after you leave and this is known as the Deferred Management Fee (DMF).

It is in the interest of all residents that The Royce is well maintained – not only will you enjoy the benefits of living in its beautiful surrounds, but it also means your initial investment will be protected and grow. Part of your DMF therefore contributes to costs to maintain the condition of the building and community facilities. This is similar to most apartment buildings and is set up to ensure you don’t have any unforeseen financial levies during your time of residency.

Refurbishment

To secure the highest possible sale price for your apartment, The Royce will undertake decorative refurbishment for fair wear and tear to return it to the same condition as when you first moved in.

If any additional refurbishment should be required, the Management of The Royce will agree with you on the scope of such refurbishment, arrange for the work to be done and simply deduct the costs from the settlement amount when your apartment is sold.

You do. The excellent location of The Royce – in the heart of Penrith, close to transport and amenities, and the ongoing upkeep and maintenance of the building will underpin the value of your asset. Because it is your principal place of residence, there is no capital gains tax payable on the sale of your apartment.

When you buy into a retirement village, you’re buying into a lifestyle, not just an apartment. Because your neighbours are at a similar stage of life, they’re more likely to live a similar lifestyle, will respect your choices and share common interests and aspirations.

You can enjoy living in a home that is easier to look after, with the gardening and home maintenance done for you, and take advantage of a range of services that are provided to give you the maximum time to enjoy the things you love to do.

You also have access to an outstanding range of facilities without leaving your home.

You – or one of you if a couple – must be over 55 years of age. Generally residents are retired from full time work, but some still work.

At The Royce, a host of modern security features have been employed to provide you peace of mind. Electronic security passes are required to access apartments and car parking, day or night. There’s also the reassurance that comes from having other residents and staff looking out for you– they’ll notice if they don’t see you around the place, along with CCTV.

Best of all, you can just lock up and leave to go on vacations, safe in the knowledge that your apartment is secure.

There will be extensive, beautifully designed, shared spaces at The Royce.

These include:

• Dedicated entry foyer with concierge
• Café serving light meals, barista coffee and gourmet
• Lounge and bar areas
• Elegant library
• Gymnasium and multi-purpose room for group activities such as yoga and Tai Chi
• Hairdressing and beauty salon
• Consulting room for visiting medical and allied health professionals
• Landscaped grounds
• Arts and crafts studio
• Meditation room
• Chapel.

The café opens to the public from 7am to 3pm, serving breakfast and lunch. Takeaway evening meals can also be arranged.

It is the residents themselves, through the Social Committee, with the assistance of management, who ultimately decide what activities are on offer at The Royce.

Suggestions include:

• Yoga
• Thai Chi
• Personal and group training sessions
• Educational programs
• Cards afternoons
• Games nights
• Wine tastings
• Happy hours
• University of the Third Age
• Special event lunches and dinners
• Guest speakers
• Bike group
• Golf group
• Walking groups
• Book groups
• Knitting and sewing afternoons
• Movie afternoons and evenings
• Day trips
• Theatre outings
• Gardening club.

A social calendar can be provided on request.

Yes, however they must be accompanied by a resident at all times.

Each apartment at The Royce is allocated a storage cage.

The Royce will have a shared car for the use of the residents. The self-drive car can be booked with the Concierge and the user pays for petrol used.

This has become a popular alternative to owning and maintaining your own car.

You can choose to walk, or the Panthers golf buggy is just a call away which will pick you up and take you between any of the Panthers buildings.

Any feedback or concerns can be raised with management who take all concerns seriously and will endeavour to resolve them as quickly and amicably as possible.

The Royce has a dedicated Complaints Handling Process which is communicated to all residents.