Strata Schemes Development Act 2015

A strata renewal plan for a strata scheme must include the following information—

a general overview of the strata renewal proposal to which it relates,

a full and frank statement by the proposed purchaser or developer of their intended use of the strata parcel,

if the plan is for a collective sale of the scheme—

the name of the purchaser, if known, or a proposal for marketing the parcel for sale by public auction or tender, and

the sale price (if known), or a minimum reserve price for the sale or details of the way in which a minimum reserve price for the sale is to be set, and

the proposed completion day for the sale, and

the proposed day on which the owners of the lots are to provide vacant possession of their lots, and

the details, prescribed by the regulations, about costs and expenses to be deducted from the sale price, and

any other terms and conditions of the proposed sale that the strata renewal committee considers are significant,

if the plan is for a redevelopment of the scheme—

the name of the proposed developer, and

details of any planning approvals, or other authorisations under an Act or otherwise, required before the redevelopment can start, and

an estimate of the period from the start to completion of the redevelopment, and

details of any periods during which the owners of lots will be required to provide vacant possession because of the redevelopment, and

details of arrangements for financing the redevelopment, and

details of the terms of settlement and the amounts to be paid to each dissenting owner for the purchase of the owner’s lot, and

details of the terms of settlement for each supporting owner including the amount and timing of any payments to be made to the owner and, if the owner has a right to buy back into any future scheme, details of that right,

any other information or document about the proposed collective sale or redevelopment prescribed by the regulations.

Subsection (1) does not limit the matters that may be included in a strata renewal plan.

If a strata renewal plan is for a collective sale of a strata scheme, the plan must provide for the purchase of each owner’s lot at not less than the compensation value for the lot.

If a strata renewal plan is for a redevelopment of a strata scheme, the plan must provide for each dissenting owner’s lot to be purchased at not less than the compensation value for the lot.