New Motel owners have been trading for MONTHS yet previous owners still haven't been paid - Property News AU/NZ | propertynoise.co.nz & propertynoise.com.au

PHOTO: Ika Nui Motel Taupo

Taupo Ika Nui Resort, Taupō – was sold to Prime Hotel Group with takeover 10 December, 2021.

Owners of the Time Share were expecting payment for their share from mid February, 2022.

The property was available to use at motel units – via Booking.com, since late last year yet the Timeshare owners haven’t been paid out.

Many of the owners Property Noise talked to have had a gutsful. One owner who asked not to be named said:

“How can it be sold and the new owners can trade and yet we havn’t been paid?”

The answer is – the IRD. Below is the latest communications:

May 2, 2022

“Where we are currently.”

Sorry for the delay in this update; I hoped to have some positive news by the middle of April and email all owners then.

On Tuesday, April 19th, I contacted our accountant to find out that our account manager at the IRD was off with Covid, as with several IRD staff. On Tuesday, April 26th, our accountant informed me that she was off for the week with a family bereavement and would contact the IRD on Monday, 2nd May, for an update; unfortunately, nothing positive to report on the final Income Tax sign-off for the 2021 / 22 year. This is still with the IRD, and they were unable to provide a completion date; this is not just an assessment of the last tax year that can be re-visited at a later date if needed; this is a complete sign-off taking longer than we were first informed.

Once again, we are asking all owners to be patient. Everybody working on this behind the scenes is as frustrated as I’m sure you are.
Our lawyers will not make any owner payments (part or whole) until all IRD requirements have been satisfied.

Sales funds (7.9M) are in our lawyer’s online investment account, earning interest. Once all IRD requirements are finalised, I will transfer funds from the working account to our lawyers; they have assured me that the owner’s payments will be made ASAP.

Take care and stay safe.

Bayleys Real Estate were marketing the property.

Taupo Ika Nui Resort was developed in the late 1980’s and was sold off to individual owners who purchased either fixed or floating weeks – each with its own unit title – thus numerous titles were issued for the complex.

Taupo Ika Nui Resort has a prestigious address being 64 Lake Terrace but actually fronts two streets, namely Titiraupenga Street and Lake Terrace itself.

Lake Terrace frontage has been the most prestigious address in Lake Taupo since the early days of the settlement but over time the traffic levels increased to the point where noise disturbance was a significant deterrent. Since the bypass was put in the amount of traffic along Lake Terrace has dropped significantly, particularly the heavy vehicles that used to traverse this carriageway late at night and in the early hours of the morning. Now owners of properties fronting Lake Terrace can once again enjoy the superb benefits of the lakefront (opposite side of the road) location.

Taupo Ika Nui Resort location is considered advantageous given its close proximity to the retail, bars and restaurants in the town centre. It is far enough away to not suffer from continual disturbance around the entrances to bars and restaurants but such an easy walk. Guests can also walk to the retail outlets including the local supermarkets.

Being located along Lake Terrace many units get lake views down to the mountains in National Park. The guests have the convenience of just crossing the road, traversing the bank and swimming in the wonderful fresh water of Lake Taupo.