FAQs

Who can be a resident at Bondi Beach Astra?

Incoming residents must be 55 years of age or above. It is a requirement for you to be able to live independently, and to cope with day to day living in our village accommodation. There is no requirement to be fully retired from work to become a resident.

What type of accommodation do you offer?

Bondi Beach Astra comprises 55 one and two bedroom self-contained apartments that vary widely in aspect and size, some with unbeatable beach views. All units have lift access, although a few also have a small number of stairs.

How do I apply for residence in the village?

If you are interested in a particular apartment we will give you a General Enquiry Document and a Disclosure Statement. If you need further information don’t hesitate to ask us. Should you wish to purchase an apartment we will require your solicitor’s details. Your solicitor will then be given a prepared Retirement Village Contract and a Lease Agreement. By law, you are not allowed to sign the contract for 14 days, so this is a good time to go through the terms and conditions with your solicitor.

What is the tenure for your village?

Our apartments are sold on a leasehold arrangement whereby the Village Operator owns the title and you lease the apartment from us on a lifetime lease. An advantage of this form of ownership is that no stamp duty is payable.

How can I be sure that the standard of facilities, care and support services provided will not diminish over time?

A resident having a lifetime lease means that the Operator retains ownership in the village, and therefore has a prime interest in ensuring that the village’s facilities and services are maintained to the highest possible standard. Residents’ rights and interests are also protected by the Retirement Village Act (1999) and Regulations (2017).

What if I have to sell my current residence first?

After 14 days have elapsed from the time you received the Disclosure Statement, and under the advice of your solicitor, we can either sign the Retirement Village Contract with a full exchange of proceeds, or an Agreement confirming your intention to enter into a contract. Many prefer the latter option as it gives you time to sell another property, pack up and move. Usually settlement takes place within six weeks, however the timing can be structured to suit your circumstances.

What if I change my mind?

Whichever option you choose there is a settling-in period. If you feel retirement living is not for you and you want to move out of the village, you can leave within 90 days of becoming entitled to occupy the premises without incurring any departure fee. Your purchase price will be refunded, less any deductions for reasonable costs incurred by the Operator such as wear and tear and a fair market rent.

Who operates the village?

The village is operated by Bondi Beach Astra Retirement Village Pty Limited, which is a private family-owned company that also owns another well-regarded village in North Richmond.

What is a Deferred Management Fee (DMF)?

A DMF is a fee payable to the Operator for providing services to residents. It is deducted from the refunded money when an apartment is resold and in accordance with the terms of the Retirement Village Contract.

How do you calculate the DMF?

You will have to pay this departure fee when you leave the village. Our DMF is based on the exit price (i.e. it is payable out of your sales proceeds when you leave the village) and accrues at 2% per annum for the first 10 years of occupancy. It caps at 20%. You will find, on researching comparative villages, that our fee structure is quite fair and reasonable.

What about the capital gain on sale of my unit?

100% of the capital gain goes to you.

Can you please provide an example of how these fees work?

Bridgette moved into Bondi Beach Astra on 1st January 2015. She paid $500,000 for her apartment. On 1st July 2022, 7.5 years later, she permanently vacates her property, which is now sold for $800,000. What does she gain from this sale to use for aged care or to pass on to her kids? What DMF does she pay?

Sale price: $800,000
Period of occupancy: 7.5 years
DMF payable to Operator: $800,000 x 2% x 7.5 years = $120,000

The settlement proceeds that Bridgette receives are calculated as follows: $800,000 new sale price minus $120,000 DMF (for 7.5 years of occupancy). This means that she receives $680,000 on the sale of her unit.

Settlement proceeds payable to Bridgette: $800,000 - $120,000 = $680,000
Capital gain payable to Bridgette: $680,000 - $500,000 = $180,000

If on 1st January 2030, having lived at Bondi Beach Astra for 15 years, Bridgette permanently vacates her property and it is re-sold for $1.33 million, how much capital gain does she receive and what DMF does she pay?

Sale price: $1.33 million
Period of occupancy: 15 years
DMF payable to Operator: $1.33 million x 2% x 10 years = $266,000

The settlement proceeds that Bridgette receives are calculated as follows: $1.33 million new sale price minus $266,000 DMF (for a maximum of 10 years of occupancy). This means that she receives $1.064 million on the sale of her unit.

Settlement proceeds payable to Bridgette: $1.33 million - $266,000 = $1.064 million
Capital gain payable to Bridgette: $1.064 million - $500,000 = $564,000

Please let us know if you would like more detailed information about departure fees and capital gain. We can provide you with a spreadsheet showing outcomes for a range of appreciation rates and residency terms.

Can I have friends and family to stay?

Yes, your friends and family are welcome to stay with you in your apartment. Conditions apply.

Are pets welcome?

Yes, pets are allowed upon application. Conditions apply. Speak to Village Management for the current pet policy.

Where can I park my car?

Residents can apply for a car space on a separate agreement, where available. Resident parking permits are also obtainable from Waverley Council for on-street parking.

What medical services are available to residents?

Bondi Beach Astra is an independent living retirement village. Each apartment has access to a 24 hour medical alarm system, manned by qualified medical professionals. Our concierge service is available on weekdays to assist residents. Home care services can be arranged privately or through government providers; the Management Team are happy to assist with this where appropriate. Also located close to the village are:

Pharmacists
Medical/GP centres
Podiatrists and physios
Hospitals

What inclusions are there in a particular residence? Who is responsible for maintaining these items in good order and condition?

In accordance with the Lease Agreement a list of capital inclusions is provided. Residents are responsible for maintaining these items in good order and condition. As per the Agreement, capital items will be replaced by the Operator when required.

What activities and optional services are available to residents?

The village offers a full calendar of social events arranged by the Village Management. Events include dinners, afternoon teas, musical and artistic activities, games, technology workshops, speaker talks, outings in and around Sydney, and more! The Residents’ Committee is a friendly bunch and warmly welcomes all new residents. Management can help you with optional services, including office assistance such as bookings and concierge service, as well as meal ordering, organising handyman visits and providing in-house technological support (handyman and some office services will be at a small additional cost to recoup external costs incurred by the Operator).

Can I walk to shops from Bondi Beach Astra?

Yes, there are many shops and cafes within walking distance at Bondi Beach. There is a Woolworths Metro on Campbell Parade. There are also many shops and fresh food stores along Bondi Road.

How far is the nearest bus stop?

The bus stop for Bondi Junction and Sydney City is directly over the road from the village. The bus for North Bondi and Watsons Bay leaves from just outside the building.

Frequently Asked Questions