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August 2017

You are browsing the site archives for August 2017.

In: Body Corporate, Legal, The Management Rights Market

Contributed By: Hynes Legal on

Bush lawyers abound out there in strataland. Someone heard from someone else that someone did something or got something and then that becomes the rumour that bounces around endlessly becoming the little spot fire that we then need to put out individually with clients when they ring to ask us: ‘I got told THIS — can we do that too?’ Valuers have it worse though. ‘So and so down the road got 5.6 times for their business so that means mine is worth 5.8 times.’ Leaving aside it was never contracted at 5.6 times in the first place, usually what has happened is the accountantRead More →

In: Motels and Hospitality, The Management Rights Market

Contributed By: Resort Brokers on

A PRIME Port Macquarie CBD riverfront accommodation property holding has changed hands in a landmark deal that underlines the rising tourism-related investment appetite for the Mid North Coast. Local development companies Lloyd Coastal Property and Bannister Constructions have sold the Palm Court Motor Inn, which they’ve owned in William Street since 1989, along with the management rights and 21 units in their adjacent 2007 development, Mantra Quayside, to a single buyer. The ‘hybrid’ deal negotiated by James Carrick of national accommodation specialists, Resort Brokers Australia, sees control of the key gateway precinct pass to an undisclosed private buyer from the Mid North Coast region. MrRead More →

In: The Management Rights Market

Contributed By: Resort Brokers on

BIGGERA WATERS apartment complexes Harbour Quays and East Quays have joined the super league of Gold Coast management rights, with their caretaking and letting businesses and associated real estate selling in one line for close to $13 million. A syndicate of 10 local investors has bought the 363-unit Harbour Quays and 300-unit East Quays management rights portfolio in an off-market deal secured by Resort Brokers Australia for developer Emandar Group. Agent Alex Cook confirmed earlier reports that the sale price for the 10-building operation was in the $12 – $13 million range, including seven apartments and eight offices. “With 663 apartments in 10 buildings acrossRead More →

In: Body Corporate, Landlords, Tenants, Renting and Management

Contributed By: TheOnsiteManager.com.au on

It’s been nearly ten years since the launch of AirBnB, and five years since it arrived in Australia. Much like Uber before it, the home-sharing platform’s grand promise to democratise the hotel and holiday rental market has brought with it a lot of problems – especially for hosts’ neighbours, bodies corporate, real estate agents, and of course onsite managers. We decided to explore onsite managers’ sentiment around AirBnB, so we reached out to our members and asked them to share their thoughts and concerns. This article is the first in the series. To kick things off, we looked at the pro-AirBnB side: those who haveRead More →

In: Accounting and Finance

Contributed By: Mike Phipps Finance on

If you saw the recent 60 minutes feature on the post GFC failure of the CEC Group in North Qld and the attack on the Commonwealth Bank I am sure you would have been somewhat taken back by the content.  I won’t get into the detail here but sufficient to say that the program and its reporter displayed a spectacular lack of understanding of even the most rudimentary elements of bank finance and credit contracts. The founder of CEC, to no great surprise, is playing the bank sent me broke card to some effect and places the outcome completely at the feet of the lender.Read More →

In: Events, The Management Rights Market

Contributed By: Nick Buick on

Tuesday, August 15, 2017 6:30 PM to 9:00 PM Fishburners 155 Queen St, Brisbane City QLD 4000, BrisbaneFishburners is in the Zara building, but entrance is through the building next door (“Regent”). There will be an event attendant helping you with directions in front of it. About Our business events: Our business events provide members an opportunity to build business networks and exchange ideas in a relaxed social setting. We welcome both Chinese and Australian entrepreneurs to join us！Attendees at our events are warm, positive, career-driven and love to meet new people. Cold beer for early arrivals Dress code: smart casual. Event schedule: 6.30-7pm Business Networking 7-8pm GuestRead More →

In: Body Corporate, Facilities Management

Contributed By: Ace Body Corp on

A rise in solar panel fires in several Australian states has prompted a warning for hundreds of apartment owners going green on the cheap. At Ace, we’re concerned the problem could quickly grow with the huge popularity of solar power only increasing, if owners corporations/bodies corporate continue to put price over quality. Apartment blocks are well suited to solar networks because the energy generated can be used to power common areas creating costs-savings for owners corporations, but the presence of inexperienced market operators using cheap products has unfortunately exposed owners to serious fire risks. Fire Departments in Queensland have attended over 50 fires in theRead More →

In: Body Corporate, Facilities Management

Contributed By: TheOnsiteManager (Staff Writer) on

The Queensland Government is cracking down on combustible building cladding, following the Grenfell Tower fire in London and the discovery that the Princess Alexandra Hospital in Brisbane is clad in a similarly combustible material. The new Audit Taskforce is Queensland’s response to Prime Minister Malcom Turnbull’s call for States to ensure buildings meet Australian standards for fire safety. 44 buildings in Queensland – 23 government owned and 21 privately held – are undergoing compliance checks. While no other cases of non-compliant cladding have been found in the month since the taskforce launched, wider reviews could uncover many more; investigations after the 2014 Lacrosse fire inRead More →

In: Accounting and Finance, Body Corporate, Legal

Contributed By: TheOnsiteManager.com.au on

Some strata communities – formerly known as Body Corporates – aren’t liable to pay tax. However, this is not applicable to all stratas, and wrongly assuming you are exempt from paying tax can lead to fines and even court proceedings. It’s important to get in the know about strata communities and tax liabilities so you can gauge whether or not you are liable. If you need more information or one-on-one advice about your own situation, it may be worth speaking to a strata specialist with corporate tax knowledge, such as the team at Abacus Strata. Here’s a quick overview of strata related Tax to helpRead More →

In: Body Corporate, Landlords, Tenants, Renting and Management, Legal

Contributed By: SSKB on

Water has an incredible ability to find its way into all sorts of strange places.  In community schemes, this can quickly fudge the outlines of who is responsible for water damage.  So who should you be talking to if you suffer water damage?  And what are you responsible for? For owners in a property with a Building Manager, this person should always be your first port of call in a case of water damage, as they will identify responsibility for repairs.  It is important to recognise responsibility is divided between the Owners Corporation or Body Corporate and individual lot owners.  Bodies corporate/owners corporations are generallyRead More →

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