Telstra Antennae on roof of OTP building

[dantheman]

Hi All,

In the contract for the property I am buying off the plan at the moment it states the vendor will lease part of the roof or land to Telstra for 25 years for telecommunication rights and structures, ie they will be able to put antennae on part of the roof.

I don't see this as a big problem, many buildings have these especially the high rises, but these are only 6-7 story high buildings in this development.

Anybody know of any issues that would arrise due to this? Can these scare off cancer paranoid tenants or buyers for example ?

Dan

 

[Aceyducey]

Dan,

Will you be getting part of the rent for this?

And is the lease at market rates?

If not it's worth questioning

I doubt many tenants will have an issue with this - they won't see it most of the time.

Cheers,

Aceyducey

 

[dantheman]

Hi Acey,

No the other unit owners and I won't receive income from the lease of the antenna - as far as I know anyway.

It is just an income stream for the vendor for 25 years with an option to extend the roof lease for another 20 years after that.

I could question it but doubt I could negotiate any of the rent for myself. They have sold 25% (before marketing and DA) and the set price has already gone up $20k so they are quite confident there are plenty of interested buyers.
I've already had the marketer negotiate for the vendor to pay the $5k for my 3 year deposit bond by complaining that the refundable holding deposit required was too much ($5k) so I'm quite happy to be paying nothing until stamp duty is due in 15 months

Thanks

Dan

 

[dantheman]

just found out they are only receiving $1 for the rent
Would have been a condition of sale for the land from Telstra and for this the developers would have got the land cheap.