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ARTICLE · 28 MARCH 2017

Collective Strata Sales: Who Can Benefit?

Dentons
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The new NSW strata legislation commenced late in 2016 with the showstopper reform that owners in a strata scheme can now take part in a collective sale of the whole scheme on a 75% and above vote.

AustraliaReal Estate and Construction
Sally Tuckfield
Sally Tuckfield
Chris Fabiansson
Chris Fabiansson
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The new NSW strata legislation commenced late in 2016 with the showstopper reform that owners in a strata scheme can now take part in a collective sale of the whole scheme on a 75% and above vote.

It would not surprise anyone who has read the legislation that no group of owners have yet reached the end of the process and achieved a sale based on a 75% vote. The process is lengthy and culminates in the Land & Environment Court approving the sale based on set considerations of equity and fairness.

Of course where 100% of the owners agree to participate in a sale, it is not necessary to go through the process set out in the legislation.

There is strong evidence that the existence of the legislation (and increased focus on the opportunity) has provided the impetus for owners to get together and explore a collective sale based on 100% agreement.

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