Welcome to the Hercules Property Dashboard. This is your one-stop destination for current information on Hercules Properties.
Assisting You To Settle Your Apartment
Settlement of your apartment will occur on 22nd August 2017. It is now time to commence organising your apartment funding program. The funding process can take several months to complete and may require much documentation.
Over the next few months, Citimark will be in constant communication with your finance broker, agent and solicitor. To further assist you, Citimark also has a list of reputable finance specialist who can work with you to successfully fund your apartment. Please note, these are completely independent specialists and Citimark gains no financial or monetary benefit from introducing you to these specialists. These finance brokers will work closely with you in order to help with your upcoming settlements in August 2017. They have access to all lenders and products Australia wide for local clients and also specialise in products specially designed for overseas investors. They can assist in finding a suitable lender for you, and ensure you settle smoothly and safely. Please contact the Director of Sales at Citimark, Megan Barron on email@example.com to gain the details of a suitable specialist for you.
Premium Position, Dynamic Architecture: Hercules
A gleaming new address presiding over a $5 billion waterfront renewal project, the largest in Queensland, and a mere 6km from Brisbane’s CBD, Hercules is positioned among one of Brisbane’s most established retail and café precincts.
Discover a world where your front door opens to a whirl of restaurants, cafés, fresh foods and cool couture by day, then the soft chimes of fine dining or live music pulsing into the night. Hercules reflects the energy of its location with the LED animation of the dynamic corner podium to guide you home. Functionality and luxury are the key design features of your apartment- the generosity of space providing zones for entertainment and relaxation, the floor to ceiling glass allowing you to connect seamlessly with your vibrant surrounds.
Within the building, Hercules offers a supremely private serenity garden at the podium level complete with resort pool deck and turfed recreational space, al fresco dining areas and kitchen, BBQ facilities and a fitness room. Your Hercules apartment will be settling in late August 2017 and we are excited by the dynamic architectural statement and new level of amenity it will add to the city of Brisbane.
Hercules truly represents a benchmark in riverfront living.
Key Settlement Dates
12 July 2017: Onsite Purchaser Inspections Commence
19 July 2017: Onsite Bank Valuation Inspections Commence
26 July 2017: Scheduled “Practical Completion” of the Building
22 August 2017: First Day of Apartment Settlements Commence
22 August 2017: Hercules Apartments Operational
The Settlement Process
- The Developer/Seller, cannot call for Settlement of your apartment until it has attained “Practical Completion” and Land Title Registration with the Queensland Government Department of Natural Resources and Mines. To achieve this, the Developer/Seller must have the building fully certified and have complied with all building regulations outlined in the Government issued Development Application.
- Under Queensland Government Law, the Seller/Developer must provide a 14 day notification period of Building Completion and Land Titles before the Settlement date.
- At Settlement of your apartment you will be required to pay:
- The full balance purchase price (adjusted to include local city council rates, water fees, etc.)
- Queensland State Government Transfer Duty – link to the government calculator here: https://www.treasury.qld.gov.au/taxes-royalties-grants/duties/transfer-duty-grants-calculator.php
- An additional State Government Duty of 3% of the apartment purchase price applies to acquisitions of residential land by foreign persons (including companies and trusts) if their Sales Contract was formed on or after 1 October 2016.
- Hercules achieved full Foreign Investment Review Board approval in 2014 and therefore foreign purchasers do not have to pay FIRB Residential Land Application Fees.
- In the next few weeks, your Australian solicitor will email you a spreadsheet showing calculations of the total amount needed to complete the purchase.
- All money needed to complete and pay for the apartment and stamp duty, etc. from the buyer must be ready at least 3 business days before Settlement date, i.e. by 17 August 2017.
- If a buyer is paying for the apartment with their own funds, then we suggest the buyer should transfer the funds into their Australian solicitor’s trust account at least 3 business days before Settlement date, i.e. by 17 August 2017.
- If a buyer is borrowing money from a financial institution to complete the purchase, then that is the buyer’s sole responsibility. All bank/finance institution documents must be signed and returned to the finance institution (by the buyers, not lawyers). The buyer is responsible to do this in advance, so their banks/financial institution can be ready to attend settlement and provide loan money at Settlement.
- The buyer must tell their solicitor if they will use a bank to complete purchase.
- The buyer must also tell their banks who are their acting lawyers.
- Your solicitor will sign the Land Title Transfer document for buyers, as their lawyers. The buyer does not need to sign anything else to pay Transfer Duty and take Land Title ownership.
- Your solicitor will check the Land Title Ownership Transfer document is correct, before money is exchanged.
- Your solicitor will go to the Settlement for you and book your bank/finance institution to attend Settlement. It is not necessary or common for buyers to attend settlement.
- “Time is of the essence”. This mean that if by 4pm on the Settlement date, the buyer fails to pay the full contract purchase price, then the Seller can immediately terminate the contract, keep the deposit and sue the buyer for breach. The Seller (by law or contract) is NOT under any obligation to allow more time under any circumstance. The Seller, may in its absolute discretion, give additional time, if the buyer asks. However, this may include conditions, such as penalty interest (approx. 9.5% x purchase price)/365 days x total days of extension), plus legal fees or even cancel incentives, such as legal fees. If negotiation or request is needed for additional time to settle and complete purchase, then your lawyers may also charge additional legal fees.
Pre-Settlement Inspection of your Apartment
Pre-settlement buyer inspections will commence on 12 July 2017.
The pre-settlement inspection is an opportunity for you to view your apartment and confirm that the finishes and inclusions are in accordance with your contract of sale. Clause 5.9 of your Apartment Contract of Sale deals with the pre-settlement inspection obligations in relation to the settlement process. An excerpt appears below:
You may inspect you Lot once before settlement. We will notify you when you Lot is ready for inspection. You may then make an appointment to inspect your lot. The appointment times will be between 9.00am and 5.00pm. You cannot inspect your Lot without an appointment.
How to Book a Pre-Settlement Inspection
Pre-Settlement inspections are held on Tuesday, Thursdays and Fridays each week between 10.00am – 2.00pm. Inspections must be booked and can be scheduled with our Hercules Inspection Reservation Executive, Samantha Hunter by emailing her at firstname.lastname@example.org or calling +61 7 3002 6200.
Purchasers have two options as follows:
- Independent Inspection Company: Handovers.com
Engage the services of Handovers.com. Handovers.com are Australia’s first and largest company specialising in independent new property inspections. Handovers.com have 48 years industry experience and have worked for some of the biggest names in project home builders.
Handovers.com will act as your agent during the pre-settlement inspection period and assess the final quality and finish of your property. Handovers.com will provide you and the builder with an independent detailed report within 24 hours.
The discounted price for an independent inspection completed of a Hercules Apartment by Handover.com is $345.00 (Inc. GST). This fee must be paid directly to Handovers.com in advance of their inspection. An information brochure including booking and payment forms can be found here.
- Personal Inspection
Personally attend to and compete your own inspection, accompanied by a Citimark representative.
It is the buyer’s own responsibility to arrange an inspection of their apartment. Citimark Properties, has been sending monthly emails to all purchasers since December 2016, providing timely updates and real-time video imagery of the construction of the building. Not all buyers require a pre-settlement inspection. However, we welcome any buyers who wish to undertake a final inspection of their apartment. An inability to view the apartment due to personal circumstances cannot legally prevent Settlement of your Apartment. Many buyers view their Apartment and the building in the months following settlement.
Valuation Inspection of your Apartment
Valuer Onsite Inspections will commence on 19 July 2017.
Inspections are held Monday to Friday between 10.00am – 2.00pm. Inspections must be booked and can be scheduled with our Hercules Inspection Reservation Executive, Samantha Hunter by emailing her at email@example.com or calling +61 7 3002 6200.
Australian banks and some non-bank financial institutions require an independent valuation of a property prior to finalising funding. These valuations are often influenced by the current economic climate and the particular Valuer’s own personal perception of the property and project.
Warranties / Operations Manuals /Cleaning Instructions for Your Apartment and Furniture
At Settlement of your Apartment, your solicitor will be handed a USB which will include the warranties for your fixtures and furniture (if applicable); operations and cleaning instructions for electrical appliances; instructions for security procedures; Body Corporate operation; setting-up utilities; and a general apartment maintenance guide. Your solicitor will forward this to you following Settlement.
Your appointed rental manager will also be provided with a copy of this USB along with smaller loose items such as additional air-conditioning and television remote controls and the lock keys and VIN security and carpark cards for your Apartment.
Each Apartment is provided with 2 x lock keys and 2 x VIN Cards.
Can I Stay In My Hercules Apartment
Hercules purchasers are welcome to stay at Hercules to experience the riverfront lifestyle and dine at the well known restaurants in the famous Portside Wharf precinct. Purchasers who have signed with the onsite manager are offered a 2 night stay in Hercules in the first 3 months following Settlement. This is subject to availability and requires a minimum 2 week notice and approval with the onsite management team. Please note, our team will try and accommodate you in your own Apartment. If it is unavailable, they will accommodate you in a similar Apartment. Owners do not gain rent while they are staying at Hercules and will be required to pay linen, cleaning and other charges associated with their stay (such as internet usage or room service).
To book a stay, please email our onsite Hercules Alcyone Manager, firstname.lastname@example.org.
Where Can I Get an Updated Depreciation Schedule for Taxation
Citimark has negotiated a special price for Hercules Tax Depreciation Schedules with our preferred consultant Quantity Surveyors, Mitchell Brandtman. A Tax Depreciation schedule will assist you in maximising claims for your apartment with the Australian Tax Office. To be able to claim these expenses you need a Tax Depreciation Report prepared by a Registered Tax agent and Quantity Surveyor. This allows you to optimise the financial return for your investment property. Mitchell Brandman offer an all inclusive service of $175 inclusive of GST for a customised Hercules Deprecation schedule. If you have a furniture pack, then an additional tax depreciation report for $165 inclusive of GST can also be provided.
For Further information contact Michelle Jefferson at Mitchell Brandtman on 1800 808 289.