Most of the apartments in a new 25-unit development in Wollongong’s Thomas Street will be sold in a ballot system to make the sales process fairer, according to the agent in charge.
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Colliers International Wollongong associate for residential sales, Marta Amann, said 21 of the City Breeze apartments at 10 Thomas Street would be sold by ballot to give all potential buyers an equal chance to participate in the sales process, and to eliminate gazumping.
The eight-storey City Breeze development is proposed for the former Crown Carpets site and will feature one-bedroom, two-bedroom and three-bedroom apartments, as well as two penthouses on the eighth floor and four sub-penthouses on level seven.
Construction is expected to start in October and be completed by early 2017.
‘‘It’s going to be good quality inner-city living with ocean and escarpment views from most apartments,’’ Ms Amann said.
‘‘It’s perfect inner-city living which is also very close to the beach.’’
Ms Amann said those interested in buying should register with Colliers for notification of the release date.
Those who have registered on a database will be notified of the release times and date, scheduled for around the end of May.
Seven days before the release, a price list for the apartments will also be issued. The one-bedroom apartments are expected to start from $420,000.
‘‘The intention of this system is to limit the interest of any individual or groups of individuals to a maximum of four apartments, and to provide all potential purchasers with an equal opportunity to participate in the sales process,’’ she said.
On the day of the ballot, the allocated numbers of registered prospective buyers will be drawn out randomly and the successful ‘‘number’’ will have five minutes to nominate one to four units of their choice.
‘‘No one is going to come on the day and offer more money and get the unit you like,’’ she said.
Contracts will be exchanged on the day and buyers must pay the full 10 per cent deposit. There is no cooling-off period.
Ms Amann said the ballot draws would continue until contracts for all units had been exchanged or there were no further registered participants.
When all units had been selected, a minimum of five reserve names would be drawn. If a contract for a unit was rescinded or terminated, that unit would be offered to the reserves in the order drawn.
Ms Amann said the City Breeze apartment complex would have an outdoor area with a swimming pool and secure parking in the basement.
