Allocation /purchase of car spaces

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  • 09/05/2016 at 1:20 pm #10445 Reply | Quote
    AYK
    Flatchatter

      My son’s townhouse in Sydney has two visitor car spaces and two possible car spaces in the common property. The car spaces are of different sizes and in good/bad locations.  Two methods are proposed to allocate the car spaces among the four owners:

       Method 1 – by drawing lots. 

       Method 2 – by ‘auction’ process The car spaces are independent valued to determine the reserve price.  Highest bidders to ‘acquire’ the designated car spaces under a change of by-laws that entitles them to have the right to the exclusive use and enjoyment of the designated parking space.  The change of by laws will be registered.  Resultant money will be disbursed among the four owners or returned to the Owners Corporation for future strata expenditure.

      Could you please comment on the feasibility of the two methods? Do you know any persons/experts who have done these kinds of allocation before?

      It is a strata plan of four owners. Each townhouse has one existing car space/garage under title.  Therefore some owners might not bid for the additional car space.

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    Reply To: Reply #24899 in Allocation /purchase of car spaces
    PLEASE ... If your property is not in NSW, mention its location (state). Don't identify companies or individuals by name. Don't mention or promote your company or services. Keep acronyms and initials to a minimum. Please, don’t use “quote” unless there is a specific point to which you wish to refer, then highlight (define) that specific passage before you click on "quote". Otherwise just use reply. THANKS.

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