Hi All,
Am looking at investing in a block of units that are all currently in one title. Can anyone help with information on the basic process of Strata titling 6 units in the NT? Any help with finding appropriate professionals to help would also be most appreciated.
Regards, Amber.Hello,
NT why if i ask NT..?
I am just being curious is there good capital growth and returns.To answer your question do a yellowpages search for town planners in the area of NT that you are looking and they (for a fee) can assist you with everything… they know the council regs well as well
Hi Amber
We have used Earl James & Associates before and they do a great job. They do quite a lot of unit titling up in the NT. Their number is (08) 8981 2494.
In a (very basic) nutshell, if the building conformed to requirements at the time it was built, then it can be unit titled even if it does not meet today's requirements. The thing you really have to watch out for is if the unit block was built in the few years after 1974 (Cyclone Tracey). Apparently lots of unit blocks were built without council approval and not to requirements. This means that they cannot be unit titled unless they are amended to conform to today's requirements.
Just a word of caution though. I am quite familiar with the unit and unit block market in Darwin. If there is a unit block for sale that hasn't been unit titled/strata titled, I would think that it is because it can't be done without substantial cost. The market has been done over and over and over in the last few years and everyone up in the NT (including us) has reaped the benefits of individually titling units. I would think that the only exception would be an owner who has owned the block for several years and may not be aware of the market. Even then though, the RE Agent would know the value of going through the process so the whole block would be priced take into account the added value of future subdividing. The market seems to have really slowed down now.
I would recommend getting the block individually valued by someone like Herron Todd White. I have used them before and they do a good job.
Cheers
K
Thanks K,
Will have to do some further research!
Regards,
Amber.Micros – no particular reason, just that I have travelled a bit to the NT and we're familiar with a lot of the country up there.
Hi Amber
PM me if you like. I may have some information on the block you are looking at.
Cheers
K
AmberK wrote:Hi All,
Am looking at investing in a block of units that are all currently in one title. Can anyone help with information on the basic process of Strata titling 6 units in the NT? Any help with finding appropriate professionals to help would also be most appreciated.
Regards, Amber.Hi Amber
I have 9 blocks of units for sale at Mount Isa, and most of them can be strata titled. If interested contact me via this post.
If anyone is interested I have 9 blocks of fully furnished units for sale at Mount Isa of which some can be strata titled and some need to be refurbished so there is quite an opportunity to value add with this type of investment.
They are all showing good yields in excess of around 8%. Anyone interested please let me know through this forum.
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