Frequently Asked Questions

What is the address?

Somerset Rise is located at 38-58 Somerset Avenue Narellan NSW 2567.

when is construction scheduled to start?

Construction has already commenced on Stage 1.

what is the expected completion date?

We envisage completion of Stage 1 late October early November 2021.

how many properties are available?

Initially 17 Apartments and 3 Town Homes will be offered for sale in the first release of Stage 1 with another 21 opportunities in Stage 2 to follow shortly.
Prices for the 2nd release will not be available until the date of their release. There are 5 stages in all.

is there a display unit?

Yes, we are excited to share with you our display office located at
The Exchange, 1 Elyard Street, Narellan NSW 2567
Opening times are 10am – 4pm Tuesday to Saturday or by appointment.

is there any strata levies?

Yes. Somerset Rise will be easy to manage and economical to maintain. Somerset Rise has no high cost onsite facilities such as pool or a gymnasium that typically drive up the strata fees.

This intelligent architectural design complex will implement strata fees enabling it to function well without impacting on its lifestyle benefits.

Estimated Strata fees can be provided upon request.

what is the expected rental return?

Yes. Somerset Rise will be easy to manage and economical to maintain. Somerset Rise has no high cost onsite facilities. With the ever-increasing demand for lifestyle living and the desire to be centrally located to shopping centres, restaurants and easily accessible to public transport, we believe these apartments will be most appealing to prospective tenants.

Individual rent returns may vary slightly, due to aspect, position within the complex, overall size of individual apartments and the demand for rentals in the “then current market” however, My Property Consultants can provide anticipated rent yields on request.

how do i secure a property?

To secure your chosen Apartment or Town Home you will be required to leave a non-refundable deposit of $1,000.

is my deposit secure in the event the builder fails to complete the project?

Your deposit is held in a secure trust account on your behalf by the Developers Solicitor, Marsden Law Group. Please note: (Note: The developer has no direct access to these trust monies.)

what is the deposit required upon exchange of contracts?

In Stage 1 a 5% deposit is required upon unconditional exchange of contract.

can i use a deposit bond?

Yes a deposit bond can be used provided that it meets the terms of the contract.

when do i exchange contracts?

Once your deposit has been receipted, the Vendor’s solicitor will issue your legal representative with a Contract of Sale. Once you have reviewed the contract and are satisfied with it, you should exchange contracts.

Contracts should be exchanged unconditionally within 14 business days of your initial holding deposit being paid and contract being issued. Your deposit (minus the initial deposit) will be required to accompany your authorised Contract of Sale.

Please note:
Once the 14 business days is exceeded and contracts HAVE NOT been unconditionally exchanged, your non-refundable holding deposit may be void and the property may go back onto the market and available to other buyers.

first home owners grant scheme and first home buyers stamp duty relief

You can apply for NSW first home buyer schemes through the Revenue NSW. There are two forms you need to complete, and you can lodge them with the help of your solicitor or conveyancer after you have exchanged contracts with the property seller.
You can only lodge an application with NSW Office of State Revenue once you are registered on the property title.
For more information you may find the following link helpful:
https://www.nsw.gov.au/living-nsw/housing-and-property/first-home-buyer-grant-and-assistance