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A Current Affair last week ‘exposed’ an apartment building that doesn’t allow families with kids – or even pregnant women – to buy into it.
As a result, according to their story, the Heritage listed Glenfalloch building in Brisbane’s New Farm area is populated entirely by young urban professionals and retirees.
There was much shock and horror on the ACA track, with lawyers saying this was discriminatory and illegal – which seems to be the case under federal Age Discrimination laws.
But there’s the law and then there’s the way things work. In company title buildings like Glenfalloch, you have…
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In company title units you have a lot of very ignorant shareholders who know nothing about corporations law, the holding and taking of minutes of legitimate meetings and the election of a Board of Directors (as well as a Chairman and their role), plus a remedy if conflict arises and things need to be sorted out. This is exactly why I sold my company title unit in the very appealing Sydney suburb of Fairlight and purchased a strata title unit.
Supposedly, the prospective purchaser of the ‘shares’ of a CT unit need to be approved by the Board of Directors. It can be seen as discriminatory if a Board refuses a purchase (for whatever reason). This does not usually happen, as taking a matter to the Supreme Court (or any court for that matter) is costly, and gives rise to tension within the apartment complex. The unit block of 8 where I resided allowed anyone to purchase, and all units (except mine) were tenanted by investors.
Perhaps this is good reason to do away with company title units once and for all, (often the older blocks in very desirable suburbs), and make them all strata……….hmmmmmm….if only there was a cheaper and easier way to do this than winding up the company, hiring expensive lawyers etc.!!!