The Binnawee Estate
Binnawee is a 250 acre cooperative situated in one of the most picturesque valleys in the Otways, just 4km from Apollo Bay. The property is used for both recreation and farming, and is jointly owned by 6 families via a company (the Binnawee Co-operative Ltd) registered under the Cooperatives Act 1996. The company has been successfully operating for 27 years.
Each family's individual shareholding entitles them to the exclusive use of the specified dwelling attached to their share allocation, plus joint ownership of the remainder of the property. Current owners include a university lecturer, professional photographers, teacher, nutritionist, psychologist and retiree.
The families share the property's maintenance, workload and management of the cattle, and are well advanced in two carbon tender tree planting contracts. These tasks are organised around weekend working bees.
The shareholding for sale is on family's one third interest in the property that entitles the owner to exclusive use of a comfortable four bedroom house. The large deck provides spectacular views of the surrounding hills, the wonderful sunrise and glorious sunsets.
Annual outgoings for this shareholding are $5100 which include all rates and taxes, insurance, power, property maintenance, etc. There is no stamp duty payable on this purchase.
Due Diligence Checklist
What you need to know before buying a residential property- copy and paste into your web browser.
http://www.consumer.vic.gov.au/duediligencechecklist
