© Copyright 2012 Teys Lawyers www.teyslawyers.com.au Introduction to Part Building Strata Schemes – Stratum Parcels 3 September 2012
Introduction to Part Building Strata Schemes – Stratum Parcels
May 09, 2015
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© Copyright 2012 Teys Lawyerswww.teyslawyers.com.au
Introduction to Part Building Strata Schemes – Stratum Parcels
3 September 2012
© Copyright 2012 Teys Lawyerswww.teyslawyers.com.au
What Is a Part Building Strata Scheme?
• Separates different parts or ‘uses’ of the one building
• Separate strata plans for retail shops and residential units
• Strata management statement deals with shared facilities and common areas Kingswilliam – 104 William Street, Five Dock
© Copyright 2012 Teys Lawyerswww.teyslawyers.com.au
King Street Wharf Sydney (Complex)
• 9 towers• Common basement• Private and public uses• Public roads above the
basement
• Staged development
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Why Separate Schemes Within One Building?
Isolate distinct costs
eg higher commercial insurance premiums
Eliminate residential
owners interference
in commercial undertakings
Reduce compliance
costs for residential eg
WHS
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Different Terminology
Strata management statement
Common areas and shared facilities
Stratum lot (ie air space lot)
Stratum parcel (strata scheme of a strata lot)
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Strata Management Statements
BMC
Shared Facilities
Stratum Parcel
Stratum Lot
• Registered on title• Binds future purchasers and
mortgagees• Defines shared facilities and
common property• Establishes a building
management committee for managing common areas and facilities
• Divides costs
• Requires unanimity for amendment
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Building Management Committee
• One delegate from each component
• Jurisdiction over common areas
• Raises funds to cover shared facilities
• Not a separate legal entity
• Separate strata management
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Shared Facilities
Area services and equipment within one lot
in the building in one stratum within the building shared by two or more of
the component users
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Dividing Costs of Shared Facilities
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About the webinar presenter - Michael Teys is the Founder and Principal
Lawyer of TEYS Lawyers. He has a Bachelor of Laws and practices
exclusively in the area of strata title law. He is a Fellow of the Australian
College of Community Association Lawyers. He was formerly an Adjunct
Lecturer with Charles Sturt University. He appears weekly on SKY News
Business Channel's Property Success with Margaret Lomas and is a
regular panellist for the property edition of Your Money, Your Call for the
same channel. You can read Michael’s blog at www.michaelteys.com and
follow him on Twitter at @MichaelTeys.com
Teys Lawyers practice nationally in strata title law representing owners corporations, bodies
corporate and apartment owners. The firm’s practice groups include building defects, strata
community disputes, strata titles property law, by-laws and levy collection.
Subscribe for their free e-newsletter StrataSpace and find out more about them at
www.teyslawyers.com.au
About the Presenter
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