Adding value to flats - courtyards

[turk]

I have recently been looking at flats to renovate and let out.

A thought that has crossed my mind is whether it would be possible to add
courtyards to ground floor flats.

Is it possible to gain a 99 year lease from the body corporate for land adjacent to a flat?

Generally would a bod/corp. be able to vote on this, would the owners who attend a meeting be the ones to vote, making it easier to get a yes vote by recruiting other ground floor owners?

 

[chrispy]

Someone tried to do this in a block where I own a townhouse but the overwhelming response was no way - the owner wanted to put a spa in the back and although no one else could actually get access to the area the BC refused as it is BC land

Chris

 

[turk]

Thanks for the reply Chrispy

Was this refused by a company running the b/c or by a vote of owners.

 

[chrispy]

Turk

It was by the committee of 4 owners and the Body Corp Management company - who only do what the committee tell them!!

Chris

 

[Tizzy]

During Michael Yardneys seminar here in Perth late last year, he mentioned doing exactly this to add value to some flats he had. He showed some slides of the finished product and the land was basically dead unused space that other tenants didn't have a use for. I just can't remember how the process went though........ Maybe pm him?

 

[JumpinJack]

I'm sure if you offer to compensate the other owners in the Body Corp accordingly for the use of the land, they may be more receptive. ie. Pay them off.

Especially if it is unused dead space to begin with.

 

[chrispy]

That did not work in the complex I am in

The land he was trying to use was only behind his unit, no one else had access, he was going to improve it but wanted to put a spa in and put up a fence to stop children falling in.

The other owners would not allow it as he was then getting sole use of BC land.

Even offering to pay would not work in this instance. It all depends on the politics within the complex

Chris

 

[sailor]

In our block the 2 end ground floor units each have a large enclosed (fenced) courtyard. Many years ago, the body corp voted for the then owners to have "sole use of communal property". At the time I don't think any money changed hands. Lucky them! ...and lucky me to own one of them.

 

[pulse]

Steve McKnight's newest book has a great example. A lady in a three unit strata, it had two parks underneath, with external access to the units and old garage doors.

She excavated underneath and used car moving technology to make three carparks, she put in internal stairs and new remote garage doors for the others.

Then they had a bill to replace a retaining wall- $25K each I think. Two could afford it but one couldn't. So she excavated further so the new 8 car garage was also a new retaining wall for the unit block! She also got a new private garden and the other owner who paid got the rooftop.

She now has a 3 car garage, with a private garden and pool.
Owner 2 (who helped pay) has 2 parks and a rooftop garden
Owner 3 (who couldn't pay) gave up access to the garden and rooftop, but had benefit from $25K of repairs and now has two garages.

I think this is a great example!

Cheers
Pulse

 

[Michael Yardney]

During Michael Yardneys seminar here in Perth late last year, he mentioned doing exactly this to add value to some flats he had. He showed some slides of the finished product and the land was basically dead unused space that other tenants didn't have a use for. I just can't remember how the process went though........ Maybe pm him?

Yes we have done it and we are currently doing it for a block of flats I just bought, but obviously owning the whole block means I won't object to my request .

But I have seen many instances where this has happened. The body Corporate won't give you prime land at the front of the building, but you may convince them to give you the untidy space around the side.

 

[turk]

I am wondering, what are the mechanics involved.

Do you propose at motion at a B/C meeting to be voted on by owners actually attending the meeting or in the case of a Company managing the B/C do they make the decision.

As not many owners usually attend meetings could see that a vote may be easier to get up with a bit of organization.

As mentioned earlier am looking at run down flats & units requiring renow.,
then renting out. The deal would have to add up on this basis, the extra courtyards would be the cream.

Attended Michaels seminar on Saturday, thought is was excellent, reinforced
my thoughts.

Any feedback is be appreciated.