Combining strata titles

[JASA]

I own 3 units in the same block in the city of Adelaide. 2 are apartments with their own car parks the other is a small space which I currently let as office space for $50/ week. At present I am paying Council rates, water and sewer as well as emergency service levy and body corp fees in connection with the office space. There is no water or sewer attached to the office space but it does have access to a communal toilet within the building. The ongoing costs are crippling particularly the water rates of $200 a quarter. I would like to absorb the store room into the title of one of the apartments in the same building so that I can avoid these fees. I have no idea where or how to start this process.....any advice would be much appreciated.
Thanks.

 

[Rolf Latham]

If you OWN them then there is no lender and that side of it is no issue

Assuming its poss ( or even sensible) to amalgamate 3 sps to 1 title, then the vals would get hammered

A lot would depend on the type of stock and locn etc, but a 10 to 25 % redn in capital value is not impossible

ta

rlf

 

[Rolf Latham]

If you OWN them then there is no lender and that side of it is no issue

Assuming its poss ( or even sensible) to amalgamate 3 sps to 1 title, then the vals would get hammered

A lot would depend on the type of stock and locn etc, but a 10 to 25 % redn in capital value is not impossible

ta

rlf

just reread the detail.............ignore above

 

[JASA]

Just to clarify, I own the store room/ office space outright. I paid $13K two years ago. It is a few metres from the front door of the other two apartments I own in the block. Without the ongoing costs associated, my return of $50 a week for the space wouldn't be too bad. The other two apartments are mortgaged @ $170k each and are valued at around $290k. I just want to remove the title from the store room and absorb it into the title of one of the other apartments to reduce my outgoings. Who would I approach to start the process? A land broker? The council? I am really not sure where to start.