IQ Apartments

the construction zone via the thoroughfares of common property registered to the Owners Corporation, against the need for quiet use and enjoyment of the property by its new owners. Further issues relating to noise, cleaning and damage arose which required a high level of management. In addition to the complicated staging of the building completion, the project commenced shortly after wholesale sweeping amendments to the Unit Titles Act and other consequential amendments of legislation occurred. Materially for this development, it became necessary for the developers to provide a much higher level of disclosure than had ever previously been required, in relation to the operation of the Owners Corporation. At the time there was little to no experience within the marketplace to deal with the new disclosure obligations, and many of the consequences for failing to comply would have been severe, while others remained uncertain.

Key Benefits / Outcomes

As one of the first complicated developments to launch following the increased and uncertain disclosure obligations, the process undertaken provided an extremely valuable template for future projects in relation to planning and forecasting for Strata Titled developments.

The success of the activities undertaken are evidenced by a number of points:

 Nil occurrences of disputes arising from the disclosure documentation provided at the outset of project launch  Accuracy of operational budget forecasts to within an insignificant margin of error  Replication of the process undertaken with this project as applied to further developments across the market  Broad acknowledgement and acceptance of the process undertaken by industry peers (conveyancing professionals, agents etc)  High level of education / exposure of the process across the industry