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ARTICLE · 11 SEPTEMBER 2012

Strata management statements (SMS) with a lock in contract

Carroll & O'Dea
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It was held that the Court had no general discretion to make amendments to fix unfair strata management statements.

AustraliaReal Estate and Construction
Selwyn Black
Selwyn Black
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Court finds no general discretion to fix unfair strata management statements.

Over the last 10 years one of the responses to the cost and limited availability of land for redevelopment, has been the development of stratum subdivisions supported by registration of a building management statement (BMS) or strata management statement (SMS).

These documents, which are registered on title, have provided a practical and registered format to facilitate separate freehold ownership of different parts of a building, including for different purposes.

This has supported the development of mixed use developments such as the former Sydney GPO (now a hotel, office building, bar areas etc), and of residential towers over retail centres and clubs, and other mixed use developments.

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