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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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