With the recent changes in Queensland strata legislation, entitlements for each individual commercial strata lot can now be calculated on a new market value factor.
By utilising the market value factor, entitlements may proportionally mirror the per m2 rate with a balancing effect to the outgoings per m2 rate. Smaller lots at a lower market value will not pay higher outgoings under the new regime.
Using previous methods a lot that had outgoings at $85 per m2 was due in part to the sharing of some outgoings on an equal basis.
Now, the same lot using a market value principle to share outgoings, showed a reduction to $65 per m2.
Commercial products will be easier to market and a win for all Developers under the new options.
Our Developer Consulting Team is closely assisting all commercial strata clients to ensure they take advantage in the new legislation changes and understand all strata implications.
For other solutions contact our Developer Consulting Team on firstname.lastname@example.org or 55042015 for consulting on your project – we have strategies and processes that can identify challenges early.