adding unit/s to SP by developing common property | Common Property | Flat Chat Forum: Your Questions Answered




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adding unit/s to SP by developing common property
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Madame_Chaire
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07/08/2017 - 8:40 pm
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just throwing a curve ball of an idea. 

We live in a 6 unit SP, (NSW) with a decent sized back yard, bigger than most in our area. We have an old brick laundry building that could use some TLC. While investigating what is needed, a light bulb went off in my head. While we need a new roof, why not go up and add some extra housing there?  That might seem like a hair-brained scheme, but i really would not know where to start investigating the possibilities. 

I know other blocks in our street have received council planning for additional units (in additional buildings) - and I guess there was a developer involved there. If the Owners decided it was ok and gave the go ahead, what would be the procedure here? I'm assuming that 75% of owners wouldn't have an objection. (Probably 5/6 at least) 

Do i discuss with the Strata Manager first? Any idea on lawyer costs? by-law costs? I would be able to fund the building and the development fees, and hopefully own 1 of the units outright. 

What I am thinking is that the new unit/s would be built above the existing laundry space, have separate access to each unit. They would also be smaller than the 6 existing units due to their size. The laundry and storage could be reconfigured and made modern and common property loss would be kept to a minimum. 

I'd really appreciate your thoughts on this. I'm currently looking at having to move on because i can't make it up 2 flights now and retirement looms. I love our block, have great neighbours and a beautiful garden. It would be great to be able to move out back to a smaller unit with easier access.  

Thank you! 

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JimmyT
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08/08/2017 - 8:30 am
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Have a look here.  There is a process in place for this kind of thing and all the costs can be included in the overall budget.

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JimmyT
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08/08/2017 - 9:06 am
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Actually, you asked this question nine months ago and received This Answer.

In the meantime, we published this guide.  The process you are interested in is called Redevelopment.

And our sponsors Lannock Finance have a package that explains how you would finance the initial process to get plans drawn up so you can proceed.

Time to get past the "analysis paralysis" and make some calls.

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Madame_Chaire
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08/08/2017 - 11:41 am
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thanks Jimmy. I was wondering if the new laws had made the process different. 

I'll review the links. 

and thanks so much. "analysis paralysis" is indeed a thing! 

regards

M. 

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