Hi all,
I have purchased 3 IP's to date and I have heard about the concept of sub-dividing and creating a Strata Title for properties, to enable a particular piece of property to be "Separated" and leased/rented out separately.
I had a couple of questions regarding this – anyone who has knowledge or experience around this who can assist would be great. Note that I am focusing on Sydney properties as I live in Sydney. My key intention here is to get a single piece of property – e.g. 80 sq m, separate it into two 'units' 40 sq m each and lease out to 1 tenant for each apartment.
1. If I was to buy a 'single' large unit, and wanted to "separate it" so I can lease it out to 2 different people (i.e. effecitvely make 1 unit become a "block" of 2 units), is the only way to do this by sub-dividing it and creating 2 Strata Titles?
2. If it is possible to 'split up' a property into 2 separate units without requirring a strata title, what are the minimum requirements for me to make this happen?
3. Do I simply hire someone to create a 'wall' separating the 2 units, and get a separate tenant to rent each property? i.e. can they use the common power supplies/water/air conditioning etc – is there anything else I need to 'separate'?
4. What would be a *very rough* cost of doing the work necessary to 'separate' 1 unit into 2 units to lease it out to 2 separate tenants?
5. What are the total times necessary to do the work necessary to 'separate' 1 unit into 2 units to lease it out to 2 separate tenants (govt approvals, etc)?Thank you for your assistance.
Regards,
Ajayif you are looking to sub-divide a strata unit, you will need a DA. This will require a new strata plan & all compliance issues to be addressed, as well as getting consent from both body corporate & all of the building owners.
If you want to put up a wall, you’ll need a DA – consent from body corporate.
How do you intend to comply with any additional parking requirements for the new unit? What would be the unit entitlement? How do you provide separately metered services?
Not going to be a happening thing.
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