Does a long term lease override a 75% in favour of a redevelopment proposal

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  • 05/11/2017 at 6:49 pm #11441 Reply | Quote
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    Flatchatter

      I own a commercial strata in a very old building, in Sydney, that is ripe for demolition/redevelopment. Over 75% of lot owners support a redevelopment of the site, however an owner, with 20% of the allocated strata lots is resisting redevelopment,claiming that their 20 year lease (to an associated entity) takes precedence over the express wishes of the majority decision (80%) of other lot owners.

      Is there a legal precedent? How does the new strata legislation handle this  situation?

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    Reply To: Reply #28603 in Does a long term lease override a 75% in favour of a redevelopment proposal
    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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