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We own and run our business out of one of 80 small factory units in an industrial complex.
Developers have approached all owners to purchase the entire complex. They plan to rezone and redevelop the site into residential units. They have offered a purchase price per strata unit entitlement. Their offer is approximately 35% more than current market value.
We are reluctant to sell, even at a 35% markup, because it would cause a great deal of interruption to our business and it would be difficult to locate an equally suitable property.
In a meeting yesterday, the developers said that it is likely, under the proposed new strata laws, that once 75% of owners agree to sell, the remaining 25% of owners will be forced to also sell.
Further, they said that only the first 75% of owners to accept their offer will receive the premium price. Any owners who resist the sale and fall into the remaining 25% would then only receive current market price, which would be determined by a valuer.
We would be keen to vote against the sale. But we may need to accept their offer if resisting means we are ultimately forced out regardless and then forced to accept a sale price of only market value.
If we do resist but eventually are forced to sell under the new laws, shouldn’t we be entitled to the same sale price per unit entitlement as all others in the complex?
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