There comes a time when everything needs to be renewed, refreshed, rebuilt.
Apartment buildings are no different whether through age, deterioration, poor maintenance, or a desire to create something new.
Historically, strata renewal required 100% of owners to agree before the building could be torn down and rebuilt. The hurdle was almost impossibly high. Often, one owner held out for a better outcome and usually frustrated everyone involved.
Since 2015, strata renewal can proceed with 75% of owners agreeing BUT only after an extensive period of consultation, several official meetings of owners and several voting at General Meetings. Then and only then will a strata renewal proceed. Fears of “little old ladies” and “pensioners” being thrown out on the street are ill-founded.
If your building is looking to Strata Renewal, we can provide impartial practical advise during the initial stages of the process. Of course, you will still need lawyers, quantity surveyors and engineers – as well as someone to buy your building. That is, unless the owners decide to become developers and renew the building themselves.