The sale of common property, when possible, can be very lucrative and address short-term funding issues for major projects.
The type of common property that can be sold are:
- car park or storage spaces
- facade signage locations
- rooftops (additional apartments, private use, utilities and signage)
- roof void (storage & second level in townhouses)
- wall space & cable run space (telco equipment)
The options are only limited to the space you have and the market that want it.
The process to sell the common property is as follows:-
- identify the area
- identify the purchaser (auction if multiple people are interested)
- understand if the sale is viable
- engage consultants (lawyer, surveyor, valuer)
- register new title for the area
- settle the property
