Olivia are the insurance concerns re items being stolen, or was it around the fire risk of the sprinkler system etc not being designed for the larger combustible load?
In a complex in which I used to live with just under 100 lots we had spare space, which we divided into multiple cages of 1.5 x 2.5 odd meters. These were then rented out at reasonable rates on a yearly upfront basis. To make it fair we did an initial advertising campaign to get all those interested to register their interest, and then if more than nine residents (owners living on site or tenants) had applied we were going to select out of a hat. In the end only five or six initially took them up, but within a year all of them were rented and brining in a little over $10,000 per year at the time, which covered the cost of the cages and the extra sprinklers in the first two years. After that it was pure profit. Price increases were linked to Sydney CPI.
The above was all covered in a bylaw approved at an AGM.
In a different complex the issue of too much “stuff” stored in the basement was raised as a fire risk by the fire contractor and others including an insurance consultant. We were told in this case that the fire upgrade to make it compliant would be way too expensive to consider. We obviously jumped on this quick smart and had the excess items and more flammable items removed.