What is for sale?The Salt Springs Spa Resort is offering all 13 units on a 199-year automatically renewing lease starting from $329,000. How does Salt Springs Spa Resort ownership work?Over the years we’ve had many guests interested in purchasing their own chalet at the Resort. Now this is finally possible! Resort ownership means that not only are you purchasing a piece of valuable and rare commercial oceanfront real estate, but we’re taking care of your vacation home and paying you while you’re away. It’s a hassle-free smart investment! What do you mean by a 199-year lease?It's like buying a condo or home with all the services and amenities of a health spa & resort. The leasing arrangement offers you the flexibility of registering your chalet at the land titles office without the regulatory hassle associated with fractional and full ownership agreements. It means you do not share the chalet(s) you purchase with multiple owners as you would in a timeshare or quarter ownership investment. You will be entitled to the use of your chalet according to the terms set out in your optional rental agreement while accruing revenue. At any time you are free to sell, trade, or bequeath your unit.Can I rent out my unit? What is a rental management agreement?The optional rental management agreement means that should you choose this option, your chalet will continue to be managed by the Salt Springs Spa Resort. With impressive year-round occupancy, the Salt Springs Spa Resort would then rent your unit throughout the year and ensure the highest level of guest satisfaction. Owners entering into the rental management agreement will also be credited $7,500 to their Reserve Fund to cover the costs of furniture, fixtures, equipment, repairs to the unit and property taxes. How is rental income disbursed?Rental income is paid-out quarterly. Are there Zoning Restrictions?The Resort is zoned CA2, Commercial Accommodation 2 with the chief purpose of providing commercial guest accommodation. Owners are permitted by Salt Spring Island Zoning Bylaw 355 (http://www.islandstrust.bc.ca/ltc/ss/pdf/ssbylbaselu0355.pdf) to use the Chalets for personal use ancillary to commerical guest accommodation. Furhter, there is no positive obligation on purchasers to rent out their unit other than to provide the owner with a revenue stream. How much is paid in rental management fees?The Rental Management Agreement and associated fees will cover expenses such as water, sewage, hydro, garbage, insurance, grounds, accounting & legal, advertising & promotions, banking, guest supplies, office supplies, telephone, travel, vehicle expenses, propane, wages and miscellaneous expenses incurred by the Rental Manager. Rental management fees will be equal to 60% of the gross unit rental revenue. Additional rent fees are assessed annually to cover the costs of the owner’s association, municipal taxes, sales tax, as well as building and common area maintenance. At this time, the estimated monthly fee is $385.58 for 1 bedroom chalets and 481.97 for all other units. Pre-Register or download the Purchase Guide for further details on Income and Fees
We are currently accepting interested buyers for visits to the Resort. Buyer's who pre-register will receive priority appointments to visit the Resort and select their preferred chalet. Call 1-800-665-0039 or click here to make your appointment today!
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