Timeshare Resort Nelly Bay

Become a Timeshare Owner at Our Nelly Bay Resort

GENERAL INFORMATION IN RELATION TO TIMESHARE OWNERSHIP AT ISLAND PALMS RESORT

1 Week Ownership Available.... Just $3,000 - Secured by land title

ISLAND PALMS RESORT is a title based timeshare resort situated at 23-25 Warboys Street, Nelly Bay (Magnetic Island) Queensland. The resort is operated by Magnetic Shoals Limited A.C.N. 010 491 282 (“the Club”). Magnetic Shoals Limited owns the block of land at 13 The Esplanade, and the resort office and managers residence which is situated thereon. The accommodation section of the resort is situated in Warboys Street joins the Esplanade block. The resort has been in operation since 1984 and is fully sold and subscribed. There are no “new” timeshare weeks for sale – you can only purchase off an existing owner.

Island Palms Resort is a title based timeshare scheme. This means that each purchaser receives an undivided interest in the property issued by the Queensland Department of Environment & Resource Management. Consumers make a one-time purchase of furnished resort accommodation, at a fraction of whole ownership costs, and pay an annual maintenance levy for the running and upkeep of the resort property and operating requirements of the Club. The Resort accommodation building is comprised of 12 two-bedroom, two-bathroom, fully self contained apartments. Each apartment is divided into 51 weeks (at least one week per year is reserved for maintenance). For each weekly interval acquired, the purchaser is entitled to 1/612th undivided interest in the real property. This type of ownership enables the owner to sell, rent or will the timeshare interval. Upon proof that a person is a fractional land title owner of 23-25 Warboys Street, Nelly Bay, the new owners apply for membership and shareholding of Magnetic Shoals Limited, and are bound by the Club’s Articles of Association and By-Laws.

Magnetic Shoals Limited is solely made up of owners of timeshare intervals at Island Palms. These owners are shareholders in the company, and a board of directors is elected from the shareholders each year to run the company. Magnetic Shoals has a 99 year lease over the resort to operate on behalf of the owners and shareholders. The company reports to the ASIC yearly and the company’s books are audited twice yearly by independent auditors. A yearly report of the finances of the company is provided to all members and an Annual General Meeting is held in Townsville, usually in November each year. The company employs all staff directly and at this time it consists of two full time Resort Managers, one part time Maintenance Man, and a few casual Cleaning/Housekeeping staff.

The resort budgets to operate the resort each year. All owners contribute equally (depending on the number of timeshare weeks they own) to the operation of the resort. This contribution is called a maintenance levy and is due July 1st annually.
The current levy for the year 1.7.10-30.6.2011 is $697.00 ($647 annual levy plus $50 Special Refurbishment Levy 4th annual installment of 10). The levy for the 1.7.09-30.6.10 year was $679 ($629 annual levy plus $50 Special Refurbishment Levy 3rd annual installment of 10). Year 2008/2009: $637 ($587 annual levy plus $50 Special Refurbishment Levy 2nd annual installment of 10); 2007/2008 was $594.00 GST inclusive ($544 annual levy plus $50 Special Refurbishment Levy, 1st annual installment of 10) & 2006/2007 was $507.00 GST inclusive.

TIMESHARE INTERVALS
Timeshare intervals fall into the following categories at Island Palms:
Fixed White
Floating White
Fixed Red
Floating Red

White time runs from Weeks 1-13 inclusive (roughly January-March) and 40-52 inclusive (roughly October-December. Red Time covers weeks 14-39 inclusive (roughly April-September).

Floating time allows the owner to holiday at any time (depending upon a vacancy at the time of request but cannot be booked more than 10 months in advance) within the colour zone that you purchased.

Fixed time is set down as a designated unit at a designated week each year.

All Floating Week owners have an “anniversary” or “entitlement date”, which is the 12 month period in which you must use your one week. If you fail to do so (allowing reasonable time for there to be a vacancy at the resort) you lose your week (it is not accruable) and you are still liable for the annual maintenance levy.

All occupancy commences on a Saturday at 4pm and concludes the following Saturday at 10am.

Maintenance levies are due and payable each year on July 1st.

Once you have paid your levy, you have the following options with your week of holiday time.

You may,

1. Use it at Island Palms in the given year

‘Bank’ it with an exchange company for later use. You may ‘bank’ your week each year with an exchange company, who for a fee, will allow you to use this week at a later time (to take a two week holiday for example) usually within 2 years at either your home resort* (Island Palms) or you may swap into any of the other 2,500 timeshare resorts* worldwide. * Subject to availability

Rent it to the public via a rental pool operated at Island Palms (you received the return on this rental less costs and fees)

Give it to a friend or family member to use in the given year

INDEPENDENT ADVICE
We recommend seeking independent advice before making any purchase of property. The easiest way to do this, to ensure you are receiving value for money is to check the market for similar properties.

Any further inquiries, please contact the Resort Managers

For Magnetic Island Resorts, Magnetic Island Accommodation and Magnetic Island Hotels choose Island Palms Resort Magentic Island

RCI Hospitality Award
2012