Cambridge Oaks development on target
An $80 million lifestyle village being constructed on the edge of Cambridge is on target to release more of its 205 units.
Cambridge Oaks, on Swayne St, is the work of developers Freedom Village which wanted to build a village that would appeal to singles, couples, those still working or retired, who want to move into smaller homes.
Recently, a tour was held to show off the development's completed stage 1, which included 28 units, and progress on stage 2, 57 units.
Stage two was on target to be completed in 2019. Company spokesman Paul Slatin was happy with the development's progress. He said sales remained strong and there continued to be keen interest in the development's show homes. Construction was ahead of schedule for stage two while the village already had 21 people living in the 28 units built for stage one.
Unlike a retirement village, Cambridge Oaks allowed residents to retain legal beneficial ownership of their homes and share in capital gains should they choose to sell.
"Under the terms of their agreement, the developers expect the first opportunity to purchase back the unit, if an agreement is not reached, the owner is free to list it with a realty agent."
The company has run six seminars showing how people could downsize into smaller homes, such as the units at the village.
"It can be an emotional rollercoaster for some but our seminars look at a whole spectrum of finance trajectorys, de-cluttering, marketing the family home and timing to avoid the stress of having to move more than once," Slatin said.
During the recent tour, former Tauranga resident Ros Mathews said she had enjoyed a busy life since moving to Cambridge Oaks.
"I haven't caught my breath yet as I have taken the opportunity to travel, I can go without the worry about the security of my home. Coming to a smaller place was the right thing for me but I have clung onto a few things I know one day I will have to pass on when I'm ready."
Jill Hopper recently moved into the village from a family home in Cambridge. She loved the village atmosphere "as everyone looks out for you".
"We are still young and we love the freedom of not being tied down," Hopper said.
Slatin said the development's target's for April and May had been met, which included completion of Terrace apartment showhomes, presentation of the village's first 'Downsizing or Rightsizing' seminars at the 50+ and Loving It Lifestyle festival at Hamilton Gardens.
There was also a special event to mark the handover of the first houses to residents.