Where is Bridgewater Lake Retirement Estate?
Bridgewater Lake is a little oasis in Melbourne’s sprawling northern spread and is part of a planned community that grew out of farmland. With its lake and parklands feeling like a natural extension of the Broadmeadows Valley Trail, a 14-kilometre path for walkers and cyclists, it’s hard to imagine, that you’re just 20 kilometres from Melbourne’s CBD and 20 minutes to the airport.
There’s excellent access in any direction via Sydney Road/Hume Highway adjacent to Roxburgh Park and the nearby Western Ring Road. The addition of the ultra-modern Roxburgh Park Railway Station on the Craigieburn line has made getting into the city a breeze.
Why should I consider living at Bridgewater Lake Estate?
Everyone has their own unique reasons for choosing a home in a retirement estate such as Bridgewater Lake Estate. Some choose it for the opportunity to be free of the burden of maintenance and gardens; others see the value in the companionship and friendship that comes through activities and belonging to a community; nearly everyone agrees that it is the sense of security being amongst likeminded people; and family will tell you that it’s the peace of mind knowing support is only a call away.
Whatever the reason, and there may be many, it has to be your decision based on the value you see in choosing such a lifestyle.
What age do I need to be to live at Bridgewater Lake?
Bridgewater Lake Estate has been designed specifically to cater for the lifestyle needs of those over 55 who are independent and wish to remain so. Whilst many of our residents are fully retired, others are still actively employed. You can remain working as long as you do not use your villa or the facilities as a place of business.
When is the right time to make a move into a retirement village?
The answer to this is totally your decision. You will know when the time is right, but what we can categorically say is that the majority of residents already living in such estates will tell you “don’t leave it too late”. We often hear the comment “I should have done this 10 years ago”.
Is Bridgewater Lake a registered retirement village?
Bridgewater Lake Retirement Estate is a registered retirement village under the Retirement Villages Act 1986 Vic., which is administered by Consumer Affairs Victoria. This is a State Government department which has responsibility for managing consumer protection and fair trading practices in the operation of retirement villages and the supply of services to residents.
What are the benefits of becoming a resident of Bridgewater Lake?
There are many personal and practical reasons why you should consider becoming part of the Bridgewater Lake family.
- Release from the burden of maintaining a larger home, with the freedom to pursue your own lifestyle, travel, holidays etc
- Living in a friendly, safe and secure community while still retaining your independent lifestyle
- Enjoying a wide range of leisure amenities and activities with transport available in the village bus for shopping trips and outings
- The assistance of caring staff, with 24 hour emergency support at the press of a button
- Professional, yet personal management and administration
- Protection of your rights under the Retirement Villages Act 1986 Vic
- Architecturally designed accommodation
- Generous sized homes with plenty of storage
- No stamp duty, GST or other hidden costs.
Will I own my villa at Bridgewater Lake?
At Bridgewater Lake, you will occupy your residence under a 99 year lease and pay an ingoing contribution which is the equivalent of the purchase price.
How is my security protected in a leasehold arrangement if I am not registered on the title?
The Retirement Villages Act 1986 Vic. protects the occupancy rights of all retirement village residents by requiring the owner of the village to lodge certain notices at the Land Titles Office. These notices are then attached to the title of the retirement village land and must be adhered to by any purchaser of the land or anyone from whom the owner might borrow money.
One of these documents – a Retirement Village Notice – ensures that the retirement village land cannot be used for other purposes if the land is sold. The other document – a Retirement Village Charge – protects the repayment to you of the refundable portion of your ingoing fee.
Who is the Owner & Manager?
The Village is owned by Bridgewater Lake Village Pty Ltd. Ben Martens is the Managing Director of The Parks Villages. The Village Manager is Lisa Davis. The Sales Advisor is Peter Harry.
What role does the Manager play?
The Manager is available as a contact point for residents and visitors and to ensure the ongoing maintenance of the grounds and property. The Manager is responsible for the daily running of the village and general administration.
The Village Manager is based on-site during the day and is in charge of the day-to-day administration of the village, as well as the hiring and supervision of any village employee or contractors. If you have any queries, concerns or feedback about the village, the Village Manager should be your first port of call.
How do I reserve a villa?
When you have chosen your new villa it can be reserved by lodging a fully refundable deposit of $1,000 with our Sales Advisor.
Upon receiving your deposit we will provide you with a full set of Residence Documents containing the legal agreements pertaining to the lease of your villa, plus further detailed information about Bridgewater Lake Retirement Estate.
We encourage you to review the documents carefully and seek advice from your lawyer or accountant, and perhaps other family members, before making your decision on whether to join us at Bridgewater Lake.
The Retirement Village Act 1986 Vic. prevents us from entering into any residence contracts, such as the lease agreement, with you until 21 days after we have issued the Residence Documents to you. This is known as the “disclosure period”. Later, after you sign the formal contracts, there is a further period of 3 days during which you may opt out of the contract. This is called the “cooling off period”.
Can I make any changes to my villa?
Alterations to your residence may only be made after obtaining written approval from the Village Manager. However, it’s important to remember that if alterations are made, it may be necessary to return your villa to its original condition at your cost at the end of your lease. This might occur, for instance, if the changes are of a nature that impedes the resale of the lease at the best possible price.
How long do I have to settle and move into my new home?
We understand that most purchasers need to sell their current home and as such we will discuss an appropriate time from the initial deposit for you to list your home for sale.
We then provide you with a reasonable period of time to sell your home and would appreciate that you keep us informed of any progress and activity.
Once you know the exact settlement date of your current home we will endeavour to use this as the settlement date for you to move into your villa at Bridgewater Lake Retirement Estate, depending upon your villa completion.
Should your home not sell as readily as expected, please talk to our Sales Advisor to review your situation and to plan the next steps.
What about Stamp Duty?
Under a Lease Agreement no stamp duty is payable when you enter the village.
Will I incur any legal costs in entering Bridgewater Lake?
We do not charge any legal fees for preparing your residency documents, however there will be legal costs to consider as you will no doubt seek independent legal advice.
When will I gain access to my villa?
We will provide you with keys and access to your villa upon receipt of your ingoing contribution. The settlement date may be determined by factors such as settlement of the sale of your current residence or completion of your villa if it is still under construction.
May I rent or sub-let our villa?
This is not permitted. This gives all residents the peace of mind and security of knowing that everyone in the village has the same degree of commitment about the lifestyle they have chosen.
What are the maintenance fees and what do they cover?
Every month we collect a Service Fee. This fee is collected electronically as a direct debit on the first working day of every month.
The Service Fee covers the following:
- All repairs and maintenance of the common property and the exterior of your villa/apartment
- Maintenance of all common area lawns and gardens
- Maintenance of Club Bridgewater facilities, including pool, spa, gymnasium and all public areas
- Cleaning and lighting of village facilities
- 24 hr emergency call system operation and monitoring
- Garbage and waste disposal from common property
- Rates and taxes in respect of common property
- Building insurance for your villa and Club Bridgewater communal facilities, public liability and workers compensation insurance, etc. but excluding insurance of your own contents, which you must separately cover yourself
- Salaries and leave entitlements for the on-site staff
- Management and administration expenses
- All other costs incurred in operating the village
The budgeted Service Fee for the period 1st July 2020 is $375.35 per calendar month ($86.61 per week). This fee is collected by direct debit on a monthly basis and is per villa. The budget presented to the Residents for the current financial year is available upon request.
Will there be any increase to this charge?
The Retirement Villages Act 1986 Vic determines the way in which the Service Fee is calculated. A budget is prepared every year and presented to the residents. The Service Fee cannot increase more than CPI without resident approval at a special meeting, except for increases in Council rates and charges (for common property), wages, salaries and insurance.
What other costs will I pay when living at Bridgewater Lake?
You will be responsible for your normal living expenses and utilities costs (such as power/gas and telephone), plus Council and water rates for your villa and, if you require it, insurance of your contents. Each resident is also responsible for day to day maintenance of their villa and rear garden.
Do I have a say in village affairs?
A Residents’ Committee is elected by the residents and plays an essential role in the operation of the village and represents all residents.
The Committee considers and, when appropriate, discusses with the manager or owner/operator, matters raised by residents and aspects of day-to-day life in the village.
There are also other rights under relevant state government legislation and these also provide for independent avenues for resolution of complaints or problems.
May I bring a pet to Bridgewater Lake?
We are a pet-friendly retirement village; however for the peaceful occupancy of all residents, acceptance of pets is subject to approval by the village owner. In most cases, depending upon the type and size of your pet, you will be able to bring one pet into the village with you.
Naturally, pets must be controlled and dogs must be on a leash at all times, not left to wander the village or create nuisance to other residents. Our Sales Advisor will be able to provide you with more information on requirements applicable to pets.
Can I garden around my villa?
Yes the front and rear gardens are yours to enjoy . Maintenance of lawn and gardens of common property areas and front gardens is the responsibility of the village. The back garden is yours to enjoy and maintain. We do try to maintain a consistent standard of front gardens and as such limit the number of additional pots, ornaments, statues etc.
May I have guests?
Yes, of course! You should consider this as an extension of your home. Your friends, children and grandchildren are very welcome at Bridgewater Lake.
They may stay with you overnight or for periods of up to four weeks, provided you are also at home and have advised the Village Manager. Longer stays may also be arranged, subject to obtaining permission from the Village Manager.
Provided your guests are in your company, they may make use of the village grounds and facilities or participate in activities. Consideration of other residents and their ability to enjoy the amenity of the village is important to remember when guests are present.
Can I feel secure living in the Village?
Your villa has a lockable security door, smoke detector system and a 24 hour emergency call system. You will also have a large number of neighbours/friends who are just as keen to see this village remain a safe and secure place to live – an inbuilt Neighborhood Watch!
Where can my visitors park?
The village has an excellent car park in front of the community centre and off street car parking for visiting friends, family and relatives.
Can I get Pay TV and Internet?
Your villa is ready for Internet and Pay TV connection. Arrangements with your own service provider are all that is required.
What facilities are available at the Village?
There are a range of facilities available at the village such as a Community Centre, known as Club Bridgewater, with a bar, dance floor, indoor bowls, billiard table, indoor heated pool, gym, library, workshop, cafe, hairdressing salon and medical suite. There is also an outdoor bowling green.
Is there public transport nearby?
Roxburgh Park train station is only 2.5 km away allowing access to Melbourne via the Craigieburn line. Buses are available nearby in Patullos Lane.
Is there a village bus?
As well as our very convenient location, there is a village bus that makes regular trips to nearby shopping centres and various special outings organised for residents.
What happens if I need to leave the Village temporarily?
One of the many benefits of life at Bridgewater Lake is peace of mind knowing that your home is in good hands should you choose to go on holidays, or need to be away for a while – for instance, in hospital. Your monthly maintenance fee will, of course, be payable during your absence.
All you need to do is notify management of departure and arrival dates as well as contact details in the case of a village emergency. While you are away, the Village Manager will watch over your home as best as possible and any external maintenance will be done; suitable arrangements for the care of your pet must be made prior to your departure.
What happens if I need care or assistance?
Hume City Council provides Home Care Packages to eligible residents. These services are provided in your own home and tailored to your individual needs. Please do not hesitate to ask our Village Manager for more information regarding these services. Adjacent to Bridgewater Lake is Moran Residential Aged Care Facility.
What happens if I want to leave Bridgewater Lake permanently?
If you wish to leave Bridgewater Lake permanently, you need to notify us so that arrangements can be made to find a new resident for your villa. When you leave permanently, your lease will be terminated and your exit entitlement will be paid to you when a new resident enters into a lease for your villa and pays the ingoing fee, or 2 years after the termination of your lease, whichever event occurs first.
What arrangements are made with my villa when I leave? Can I pass it on to a family member?
Your lease is non-transferable. Your agreement requires your villa to be sold unless your partner is also named as a resident in the agreement.
How is a new resident for my villa found?
You are free to search for a new resident to lease your villa if you wish, however our Village Manager or Sales Advisor will be happy to assist by doing this for you.
They are specialists in lifestyle options for retirees and have a thorough knowledge of the village and its facilities. Generally, our staff also has a waiting list of interested prospective residents who wish to live at Bridgewater Lake.
Acceptance of new residents is subject to the approval of the Village Manager and all new residents must be willing to enter into the occupancy documents being used by the owner at that time.
Alternatively, you may appoint a Real Estate Agent that is acceptable to both the owner and yourself to find a new resident to enter into a lease of your villa. However, we do not permit any signs to be placed around the residence or at the boundary of the village.
The cost of refurbishing your villa and finding a new resident to enter into the lease will be to your account.
How is the resale price determined?
The resale price is determined by market comparisons. Ensuring the highest possible resale price is obtained is not only in the best interest of our residents, but also our village, as our long term success relies upon its continued growth.
Irrespective of whether we market the residence for you or you appoint a Real Estate Agent, we must jointly agree upon the price we both believe is attainable from a new resident, based on market conditions. If you wish, you may obtain at your cost, a second opinion from an independent Valuer.
What is my exit entitlement and how is it calculated?
Your exit entitlement is the sum which is payable to you after you have permanently left Bridgewater Lake and a new resident has paid the ingoing contribution to take occupancy of your villa. It takes into account the ingoing contribution you paid when you entered into your lease plus any difference between the price you paid when you entered the village and the ingoing amount paid by the new resident.
The owner is entitled to deduct from this figure, a separate amount called a Deferred Fee, together with any refurbishment costs, selling costs or other amounts such as Service Fees) which are outstanding on your account. Our Sales Advisor will be able to explain this further to you.
What is a Deferred Fee?
"Deferred", "Departure" or "Exit" payments are terms used to describe the fees charged by retirement villages at the time of settlement of the resale or the re-occupancy of your villa.
The Deferred Fee is payable according to the number of years you have lived at Bridgewater Lake and is deducted by the owner before paying your exit entitlement.
Deferring payment of this fee until you leave the village enables you to enjoy the extensive amenities and benefits of living at Bridgewater Lake, in exchange for an affordable ingoing price. Please consult our Sales Advisor for further explanation on the calculation of the Deferred Fee.
The current Deferred Fee is calculated as follows:
- The deferred payment at Bridgewater Lake Estate is 3% of the resale price for each year of occupancy capped at 12 years (i.e. the maximum payment is 36% after the 12 years, subject to a minimum of 10%)
What are reinstatement costs?
When preparing your residence for marketing, it is important that the villa is presented in the best possible condition in order to attract new residents and to obtain the highest possible ingoing fee. Accordingly, it may be necessary to undertake maintenance works such as cleaning, painting, and so on to bring the residence to “as new” condition.
The owner will decide on what work is reasonable in the circumstances and will discuss that with you before commencement. The cost of the reinstatement work is to your account and is payable by deduction from your exit entitlement.
Is Bridgewater Lake Estate a member of the Property Council of Australia?
Yes the village is a member of the Property Council of Australia.
Have you any more questions?
Please make a list of these to ask our Sales Advisor, Peter Harry or alternatively call him on 03 9308 8335 to talk through any queries.
We also recommend that you seek legal advice prior to signing any contractual agreement. We advise you to discuss this with your family and friends when you are considering reserving your villa.