Strata renewal the right fit for a modern city

Sydney’s emergence as a global city will be enhanced by new strata laws allowing the renewal of residential and commercial buildings, according the Property Council.

The Property Council’s has welcomed the NSW Government’s release of two draft bills to modernise the State’s strata laws.

“Urban renewal is integral to Sydney’s future and the landmark reforms provide a pathway for the rejuvenation of our building stock,” NSW Executive Director Glenn Byres said.

“We need to remove the regulatory barriers that act as a brake on the revitalisation of buildings that have reached the end of their economic life.

“The new thresholds for renewing strata schemes can help with both housing supply, as well as the conversion of commercial office stock to more contemporary offerings.

“Strata is an essential part of the way we own, live or work in property – but we need modern laws to lift the straightjacket that has strangled old schemes.

“The other element of the reforms is a new building defects bond – and we look forward to exploring the fine detail of the bills, and subsequent regulations.

“The way the bond is calculated and collected, the way defects are identified and remedied and the way funds are returned will be crucial to the success of the scheme.”

Media contact: Glenn Byres | M 0419 695 435 | E [email protected]