HOW DOES THIS UNIQUE FORM OF ASSEMBLY WORK AND WHY WOULD A STRATA CORPORATION CHOOSE TO TERMINATE?
Under some circumstances, terminating (winding up) a strata corporation may be the best choice for strata lot owners. As some older strata corporations reach the end of their life cycle, the cost of repair may not make economic sense or owners may not have the financial ability to pay for the special levies. In areas where neighbourhood plans are being updated or new TOA legislation has provided additional density, selling the land from an assembled Strata for redevelopment can be a profitable alternative.
80% VOTE REQUIRED TO WIND-UP
Effective July 28, 2016, strata owners are now able to terminate (wind-up) their strata corporation with an 80% vote instead of the previous difficult-to-achieve unanimous voting requirement.
FORMULA FOR SUCCESS
Strata Wind-ups are the most complicated form of assembly with a lengthy timelines and multiple swim lanes to approval. London Pacific’s formula for success requires three-pronged management. We do the heavy lifting with the right professional collaboration to smoothly and efficiently bridge the wind-up opportunity to the development community.
READ MORE to look at what Strata Wind-Up development land opportunities are available through London Pacific’s Strata Wind-Up Team.
