All over Sydney savvy investors and opportunist developers are buying up apartments in older buildings, especially those near transport hubs, with a view to getting 75 percent of the vote to force a sale of the whole building so that it can be knocked down and replaced with something much bigger and shinier.

How big and shiny? The Transport Orientated Development rules allow a 22m building height – or six storeys in real terms – and 2.5:1 floor space ratio for residential apartment blocks withing 400 metres of a transport hub, regardless of local council planning limits.

Then there’s the State Significant Development allowances that kick in when a block costs more than $75million to build. Depending on construction costs and the size of the units, a block of 50 units that were going to market for more than $2m could easily pass the $75m threshold.

So it’s no surprise that collective sales and redevelopments are becoming increasingly common as buildings age and land values rise.

You may already have been approached by a developer or even a neighbour, offering to buy you out of your apartment for a premium price … or warned  that you will miss out if everyone else sells before you do.

But the strata renewal process is complex and a single misstep can derail an entire project or cut individual owners out of benefits that they might otherwise have had.

Our sponsors Bannerman lawyers, who acted recently in a succesfull action to push through a majority sale, have put together a free Collective Sales & Redevelopments eBook to give you the clarity you need to understand the process from the first developer approach through to the final Court order.

Whether your scheme is exploring options or already in discussions, this guide helps you navigate risks and avoid common pitfalls.

Inside The Guide:

• What is a collective sale or redevelopment?
• What does the strata renewal process look like?
• What is a strata renewal proposal and who prepares it?
• What happens once a strata renewal proposal has been received?
• What is a strata renewal committee and how is it formed?
• What is a strata renewal plan?
• What happens once a strata renewal plan has been prepared?
• What happens once the required level of support has been obtained?
• How is an application made, and what does the process look like?

Confusion shouldn’t stand in the way of your scheme’s progress or your personal benefit. Bannerman’s free eBook breaks down the strata renewal process into simple steps so you can move forward with a lot more certainty. Just click on the link below to download your copy.

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