Urban Renewal

First Owners Forced to Sell Under the New 75% Rule

In the recent landmark decision of Application by the Owners – Strata Plan No 61299 [2019] NSWLEC 111, the first ever application was brought before the Court under Part 10 of the Strata Schemes Development Act 2015 (SSD Act). 

Strata Renewal: Tips for OC's - Finding a way through the Renewal Maze

The level of interest in the strata renewal of existing strata schemes continues to increase despite a fall in property values in the Sydney market. This interest is either from lot owners working collaboratively together to find a buyer, where owners are achieving inflated prices for their units selling collectively rather than individually, or, when a developer may approach an owners corporation with an offer to purchase the whole site. This is particularly evident in areas which have been re-zoned or where blocks are underdeveloped within existing planning regulations.

The Unintentional Impact of the NSW Government's Strata Renewal Reform on Lower-Income Earners

With the commencement of Part 10 of the Strata Schemes Development Act 2015 on 30 November 2016, the NSW Government introduced a reform which is aimed to deal ‘proactively with the issue of ageing strata schemes and enables strata owners to make collaborative decisions about their strata building…’[i] 

Compulsory Land Acquisitions - New Owner Rights

Amendments to the Land Acquisition (Just Terms Compensation) Act 1991 (“Act”), which commenced on 1 March 2017, give owners some significant new rights.

Predicting the Unpredictable: Strata Renewal in the Courts

Developers proposing projects involving strata renewal plans face a crystal ball gazing exercise.They need to predict the requirements and attitudes of the Court considering an application for orders implementing a strata renewal plan. The difficulty is the novelty of these applications, with little judicial guidance at this stage.

The Sydney Metro Rail Project - Does it affect you?

Property owners, including owners corporations and their strata managing agents, have been receiving letters from Transport for NSW (“TfNSW”) in relation to the Sydney Metro rail project.

Strata Renewal - Lot Owners' Consent is Required for DA

Each lot owners’ consent is required for any DA relating to the ‘whole’ strata scheme

Under the new Part 10 strata renewal provisions in the Strata Schemes Development Act 2015 (SSDA 2015) there is no special power given to an owners corporation to lodge a development application over all lots.

Collective Sales - Windfall When Neighbours Work Together

Strong pressure on Sydney property prices and an acute shortage of suitable development sites has made it possible for neighbours acting together to achieve excellent prices for properties which in aggregate represent a suitable development site. This is illustrated by the recent sale of nine St Leonards houses, which were sold for more than $66 million to a Hong Kong based investor.

Collective Sales – Where Owners Come Together to get the Best Results

‘Collective Sale’ has been a property buzzword in 2016 – state and local government zoning changes, together with the changes that the Strata Schemes Development Act 2015 now bring, make collective sales a hot topic right now.

Urban Renewal - The Importance of the Returning Officer

The Strata Schemes Development Act 2015 and the Strata Schemes Development Regulation 2016 commenced on 30 November 2016. One of the most important reforms effected by the act is the urban renewal mechanism contained in Part 10, which may permit the collective sale or redevelopment of strata schemes, without unanimous agreement of lot owners being required. We are already encountering developers and lot owners pushing forward with proposals, with a view to moving quickly when the act comes into force.