AN EMERGING MARKET9 August 2013

STRATA SUBDIVISION A SURVEYORS PERSPECTIVE

CRAIG TERRYRegistered Land Surveyor

STRATA SUBDIVISION A SURVEYORS PERSPECTIVE

What is Strata Subdivision?

• Strata subdivision is the creation of individual ownership rights in a Real Property Act title. In Tasmania this is achieved under the Strata Titles Act 1998.

Why Strata Subdivision?

• It creates multiple titles facilitating ownership • It is a cost efficient way to create affordable housing• It adds value and creates alternative financing options

Why uses a surveyor?• Expert professional advise

– Strata Titles Act 1998– Planning scheme requirements– Local Council approval process– Land Titles Office procedures

• Expert technical ability

• A Strata subdivision plan must be certified by a registered surveyor - Section (5)(4) of the Act

Who uses a land surveyor?• Property owners• Property developers• Banks and financiers• Real estate agents• Vendors and purchasers

Where is strata subdivision used?• Residential properties that contain multiple dwellings.• Commercial properties that allow separable

commercial uses.• Rural properties that have separable approved

dwellings.

Staged Strata Development Schemes under part 3 of the Act provide an opportunity to create separate titles based on an approved development.

Urban residential strata subdivision

A case study

Staged Development Schemes

A case study

Commercial Strata Development

A hypothetical exercise

What skills must your Surveyor have?

• Experience, experience and more experience