Redevelopment Partnership Implications

Hi Everyone, I own 2/3rds of an investment property with another party who owns 1/3rd. We currently split rental income + expenses based on ownership stakes i.e. I earn + pay 2/3rds. We will knock down existing block of units + build 3x3bdm units – Unit 1 + 2 on the bottom are identical + Unit 3 on top will be a ‘penthouse’. We plan to sell Unit 2 off the plan to help source finance for the redevelopment then I will hold Unit 3 + the other party will hold Unit 1 (Note we will strata all 3 units). My issue is that I can’t work out the implications of dissolving the ‘partnership’ re this redevelopment to be fair/equitable to all parties. If we follow the plan + sell Unit 2 off the plan then do we first square up the partnership i.e. I currently own 4/6th + the other party 2/6th so they need to buy 1/6th share from me then we pay for the construction costs based on the individual expenses e.g. I pay for the total cost of Unit 3 + half of Unit 2 vs other party pay for the total cost of Unit 1 + half of Unit 2???