Hatepe Village Leases
The Hatepe leases are individually signed by the Committee of Management of the land-owners, Opawa Rangitoto 2C Inc., (the lessor) and each occupier (the lessee). The leases are sometimes referred to as 'Glasgow' leases, i.e. without an end.
It is also spoken of as being a Class lease, in that each lease is the same so can act with a collective voice, the lessees being represented by the Hatepe Residents Association. A Lessee can also approach the Lessor with a specific request.
Cottages are sold with a land-lease goodwill content plus value of improvements paid to the lessee/cottage owner. On sale, with approval of the lessors, the individual lease is transferred to the incoming lessee.
The land leases are from 1 April 1989 for 20 years, plus 20 years .. in perpetuity. Rent reviews are ten yearly, calculated at 6% of the bare land value at the time of the rent review.
Currently there is a 13 year lease variation in place, from 1 April 2006 at 3%. This was decided by the land owners in response to the land values nearly tripling in the period from year 2000 to that date. In this variation rent reviews are five-yearly: 31 March 2009, 2014, and 2019 when the lease reverts to the original terms. The rents set in 2006 remain in place until 2019, and the next rent review (and 20 year renewal) is 1 April 2019.