Five weeks of market testing costs $22,201. Doing nothing costs each owner an average special levy over $100,000, and the risk of losing control of the building altogether. This page lays out the numbers so you can decide for yourself, and talk to your neighbours before the vote.
Independent engineering review confirms the structure is non-compliant with the Building Code of Australia and can't safely carry the previously proposed repairs without major structural upgrades.
If the Owners Corporation can't show a functional plan to maintain common property, NCAT can appoint a compulsory strata manager. Every owner loses their vote and their say, and the same $4M+ bill gets forced through by levy regardless. Staying in procedural limbo doesn't avoid the bill. It just removes our ability to choose how we pay it.
Neither requires anyone to sell anything yet. Both require finding out, from real buyers, what's actually on the table.
Developers, including Spirecorp, have expressed interest in buying the airspace above the building. In exchange, they'd fund the full $4M roof replacement, add a lift, and potentially pay the OC a $300,000 cash bonus.
Selling the whole building to a developer. Mercer Property estimates the building's collective value at $23M–$26M, well above the sum of individual apartment sales.
Pick your lot number to pull your registered unit entitlement, then drag the slider to see how your estimated payout moves across Mercer's $23M–$26M range, next to your estimated share of the $4M roof levy.
Unit entitlement is pulled from the registered strata schedule for SP30851. Lot 1 (subdivision) isn't a residential or commercial lot and isn't listed.
Drag to test outcomes across Mercer Property's estimated $23M–$26M range.
Indicative only, based on the registered unit entitlement for your lot and a hypothetical sale price you set above. Actual payouts depend on the final sale price achieved and are distributed by unit entitlement under the Strata Schemes Development Act 2015. This is not financial or legal advice.
That the Owners Corporation resolves, by ordinary resolution, to engage Mercer Property to run a 5-week Expressions of Interest campaign testing the market for a collective sale, airspace development, or adaptive reuse of 227 Crown Street, and approves $22,201.02 (inc. GST) for the associated marketing, photography, and advertising.
Commit any owner to selling. Bind the Owners Corporation to a developer. Skip the legal process for a collective sale, which under Part 10 of the Strata Schemes Development Act 2015 requires a Strata Renewal Committee and formal support notices from 75% of owners before anything becomes binding.
Fund a 5-week campaign to put real numbers in front of us. Let Mercer present the building to their network of developers and funds. Give every owner the concrete facts needed to decide, with evidence instead of guesswork, whether a sale or redevelopment is worth pursuing.
Mercer prepares marketing materials, photography, and the information pack for prospective buyers and developers.
The 5-week Expressions of Interest campaign goes to market, reaching Mercer's network of buyers, funds, and developers.
We find out, for the first time with real figures, what this building and its airspace are actually worth.
The people deciding this building's future are whoever's in the room on the day. Don't let it be decided by default. Talk to the owner next door before the vote, not after.