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The True Value of Common Property

Sunday, 26th May 2013

Macquarie Street in Sydney - home to NSW Parliament - is where the State's best minds come to work. But not all of them are politicians.

The Owners Corporation at Windeyer Chambers at 225 Macquarie Street and its visionary strata manager, Strata Republic, concocted an ingenious plan to defray the cost of refurbishing the heritage-listed commercial building.

They identified that the rooftop plant room could be relocated, allowing for a 312 sqm commercial suite with front and rear terraces to be built and sold off.  The view from the 14th floor is one of Sydney's finest, stretching from the Opera House over Sydney Harbour to St Mary's Cathedral and beyond.

Strata Republic put the plan in motion, gaining all necessary designs, approvals and costings.  It then engaged CBRE, which successfully sold the proposed suite off-the-plan for $3.1m.

Over the next nine months Strata Republic will oversee the facade upgrade and the 14th floor conversion, which will increase the value of the overall building and each lot owner's suite.

Adding value is what Strata Republic prides itself on. Founded eight years ago by Wade McKenzie.  Strata Republic has been winning commercial and residential business through its responsive service and progressive approach to communication.

Among its clients are prominent property developers and international real estate organisations, as well as Owners Corporations of high-end strata schemes in the CBD, the Eastern Suburbs, the Inner West and the Lower North Shore.

"We like to get involved in the embryonic stage of a development," said Mr McKenzie.  "We act in a consulting role, advising on by-laws specific to each particular property, and setting up correct procedures for the incoming Owners Corporation to follow.

"Sound management structures need to be put in place as early to help streamline the often touchy defects, settlements and hand-over period, and ensure the longevity and on-going prosperity of a completed building.  Most owners appreciate that a professionally managed property stands the best chance of appreciating in value."

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