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Thanks gents, I work for a large commercial builder, hence my advice has come through our own legal channels.
Not to worry, I still have a few ‘pins’ yet!
Thanks Anthony and Scott.
Currently the unit is owned by the developers business.
This will eventually be transferred into the OC once it has been established.
As a collective we have a few avenues we are pursuing, as we are trying to limit our exposure I will not go into detail.
I know he will not walk away, this particular developer has successfully developed 4 20+ towers in our street and is notorious for this type of conduct.
Certainly a learning curve though!
Well I met with our legal council, and what the developer is doing is completely LEGAL.
An owners corporation can purchase property that is outside of its subdivision.
Furthermore this will make it impossible should we all decide (barr the apartment owned by owners corp for the building behind) to modify, build up, or sell collectively to a developer.
There is a bill currently trying to be passed that will change the current laws that allow a 80-90% confidence vote to make changes to a property. This is currently only in N.S.W and as yet has not been passed.
I’m not in a mad hurry to be entering into negotiations. Ultimately any developer will want to maximize his profit and I know he will want to start selling them. So he still needs the other 14 owners to agree. The other thing I need to consider is developers are renowned for falling over so the last thing I want is the tower not to go ahead and the developer own our airspace.
Thanks for your advice Anthony, this is what I am seeking. From the information I have been able to obtain the value of the developers apartments with guaranteed views would increase values by 150 – 200%
I feel the true value for the airspace would be a % of the projected increase of the apartments. This I would envisage be done via sworn valuation from an independent valuer, not just an estate agent. Along with what our block would be valued at as a development site.
Angel
I understand what I would be signing away, however everyone has a price. If i was to sell the airspace i understand this would rule out selling as a collective to develop. The real question lies in how would this sum be calculated?I am trying to seek legal advice on this, a chap at Clayton Utz has experience in this however his rates are not viable for an individual like me.
Just putting the feelers out there on the off chance someone has had experience with this from previous dealings.
Cheers.
