Increasing strata property value from wasted spaces
Clever strata owners on the lookout for new ways to maximise their investment could do worse than analysing the way in which existing common property space is currently being utilised.
One sassy apartment complex managed by Adelaide Strata & Community Management (ASCM) did just that.
ASCM has been long-term strata managers of this complex and has witnessed the transformation of this complex from a drab old red brick building into a recently renovated fabulous modern apartment block.
Community Manager, Peter Tredrea, has managed the property for the last 12 months and has enjoyed the vision of this building come to fruition.
“What this apartment complex has achieved, and what they are proposing with the car spaces, is nothing short of remarkable.
“They drew up plans to convert wasted, unusable space within their onsite car park into very usable and profitable new parking spaces. Its future-proofing this complex in a highly effective way,” said Peter.
For several fortunate apartments within the complex with the wasted common space in front of their apartment, this could mean doubling their car parking ability with a second car space available tandemly if approvals are granted and they choose to buy the space.
The strata corporation has approved the sale of these spaces for an agreed amount and the application is now with the land titles office for approval. If approved, the relevant apartment owners will have the option to purchase the additional car space from the corporation at the agreed price.
The revenue from the sale will be used to improve the common property to add more value to the complex, therefore increasing the value to all owners and making the property a more pleasant place to live.
In an area where parking is limited and at a premium, making better use of underutilised space could be a game changer for your strata complex.
To take your plans to the next level, you’ll need effective, innovative strata management to guide you on the legal and compliance requirements.
Visit Smarter Communities at smartercommunities.com.au for strata management in your state.