Introduction to Part Building Strata
Schemes – Stratum Parcels
3 September 2012
© Copyright 2012 Teys Lawyers

www.teyslaw...
What Is a Part Building Strata Scheme?
• Separates different parts or
‘uses’ of the one building
• Separate strata plans f...
King Street Wharf Sydney (Complex)
•
•
•
•

9 towers
Common basement
Private and public uses
Public roads above the
baseme...
Why Separate Schemes Within One
Building?

Isolate
distinct costs
eg higher
commercial
insurance
premiums

© Copyright 201...
Different Terminology
Strata management statement
Common areas and shared facilities

Stratum lot (ie air space lot)
Strat...
Strata Management Statements
Shared
Facilities

BMC
Stratum
Lot

© Copyright 2012 Teys Lawyers

Stratum
Parcel

• Register...
Building Management Committee
• One delegate from each
component
• Jurisdiction over
common areas
• Raises funds to cover
...
Shared Facilities

Area services and
equipment within one lot
in the building in one
stratum within the building
shared by...
Dividing Costs of Shared Facilities

© Copyright 2012 Teys Lawyers

www.teyslawyers.com.au
About the Presenter
About the webinar presenter - Michael Teys is the Founder and Principal
Lawyer of TEYS Lawyers. He has...
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Introduction to Part Building Strata Schemes – Stratum Parcels

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Introduction to Part Building Strata Schemes – Stratum Parcels

  1. 1. Introduction to Part Building Strata Schemes – Stratum Parcels 3 September 2012 © Copyright 2012 Teys Lawyers www.teyslawyers.com.au
  2. 2. 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 © Copyright 2012 Teys Lawyers Kingswilliam – 104 William Street, Five Dock www.teyslawyers.com.au
  3. 3. King Street Wharf Sydney (Complex) • • • • 9 towers Common basement Private and public uses Public roads above the basement • Staged development © Copyright 2012 Teys Lawyers www.teyslawyers.com.au
  4. 4. Why Separate Schemes Within One Building? Isolate distinct costs eg higher commercial insurance premiums © Copyright 2012 Teys Lawyers Eliminate residential owners interference in commercial undertakings Reduce compliance costs for residential eg WHS www.teyslawyers.com.au
  5. 5. Different Terminology Strata management statement Common areas and shared facilities Stratum lot (ie air space lot) Stratum parcel (strata scheme of a strata lot) © Copyright 2012 Teys Lawyers www.teyslawyers.com.au
  6. 6. Strata Management Statements Shared Facilities BMC Stratum Lot © Copyright 2012 Teys Lawyers Stratum Parcel • 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 www.teyslawyers.com.au
  7. 7. 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 © Copyright 2012 Teys Lawyers www.teyslawyers.com.au
  8. 8. 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 © Copyright 2012 Teys Lawyers www.teyslawyers.com.au
  9. 9. Dividing Costs of Shared Facilities © Copyright 2012 Teys Lawyers www.teyslawyers.com.au
  10. 10. About the Presenter 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 © Copyright 2012 Teys Lawyers www.teyslawyers.com.au

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