The Condominium With No Strata Fees
According to the company website these new condominiums billed as 'Nanaimo's Most Prestigious Address' will come with no strata fees.
The company claims:
Aqua Residences is the first Development in Nanaimo that offers home owners “NO STRATA FEES” due to income revenue streams from four furnished 1 bedroom units owned by the purchasers as common property in the proposed luxury condominiums development.
The rental revenue will be divided to all of the strata lot owners in the building on a percentage based on their unit entitlement. (Square footage of owners unit) The individual strata lot owner will then use the rental revenue to pay for their strata fees. No other developer on the island has given owners 4 furnished rental units as an incentive to purchase as an investment.
From this angle the new building blocks out Nanaimo's oldest high rise at 1 Chapel Street and towers over the church next door.
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