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Mr strata said:
The answer is in the detail and the 'deal' that the ec could negotiate with the respective lot owners/party that you are looking to sell the rights to.
It could be a contract condition that the purchaser makes the area good or 'fit for purpose' and factored into the purchase price.
From the purchaser's perspective I would envisage a strata subdivision would be better as it is more secure title.
Keep in mind which ever way the OC wishes to go you will need to lodge a DA and get council approval.
The idea of a strata subdivision is a good one – it may then be possible to do a consolidation of title and “consume” the additional property into the original title.
We currently have one owner doing a boundary adjustment. That may also be a good option – that also requires a DA if dealing with common property.
Keep in mind the cost of any change in unit entitlement.