G'day All,
I'm after some advice and your thoughts on this please........
The property is a large older resort style accommodation complex in North Queensland where my daughter owns a unit. It was purchased 2 years ago from the owners who were wanting to sell off a portion (large) of the units and then aquire the letting rights. A rent guarantee for 2 years was put in place to sweeten the deal which has worked well. Now the 2 year period is coming to an end and the BC and LA have to agree on a new contract for the letting rights. Unit holders are asked to vote at the upcoming meeting on a number of issues. These include handing over the letting rights for 25 years and a large portion of the property (including cafe premises, sundry buildings and about 20 carparks) for the letting business operations and 'ancillary services', (which include or may include an internet cafe, a restaurant/cafe, tour booking desk, hire service including tvs, beds, heaters, airconditioners, car rental, laundry service, car washing etc. etc.) And all of this at no cost to the letting agent meaning no income to the BC.
My question... Is the above standard practise in the Body Corporate/ Letting Agent/ Property Manager world of strata titled complexes?
It seems to me that to agree to this would mean the BC (and therefore each of the unit owners) is giving up a helleva lot for nothing back especially as this complex is relatively old and maintenance, upkeep etc will start to cost a lot - All of which will be paid for by the unit holders to benefit in part the LA who is paying nothing.
For your consideration please.
Pud
I'm after some advice and your thoughts on this please........
The property is a large older resort style accommodation complex in North Queensland where my daughter owns a unit. It was purchased 2 years ago from the owners who were wanting to sell off a portion (large) of the units and then aquire the letting rights. A rent guarantee for 2 years was put in place to sweeten the deal which has worked well. Now the 2 year period is coming to an end and the BC and LA have to agree on a new contract for the letting rights. Unit holders are asked to vote at the upcoming meeting on a number of issues. These include handing over the letting rights for 25 years and a large portion of the property (including cafe premises, sundry buildings and about 20 carparks) for the letting business operations and 'ancillary services', (which include or may include an internet cafe, a restaurant/cafe, tour booking desk, hire service including tvs, beds, heaters, airconditioners, car rental, laundry service, car washing etc. etc.) And all of this at no cost to the letting agent meaning no income to the BC.
My question... Is the above standard practise in the Body Corporate/ Letting Agent/ Property Manager world of strata titled complexes?
It seems to me that to agree to this would mean the BC (and therefore each of the unit owners) is giving up a helleva lot for nothing back especially as this complex is relatively old and maintenance, upkeep etc will start to cost a lot - All of which will be paid for by the unit holders to benefit in part the LA who is paying nothing.
For your consideration please.
Pud
