What Is A Strata Title Lot? 117sqm Wall $3.04m Sale

117 Square Metre Wall Sells for $3.04m

Earlier this month a 117-square-metre concrete wall sold for $3.04 million – this wouldn’t have been possible it wasn’t a separate Strata Title. The “property” is located on the side of a 13 storey building near the corner of Flinders and Swanston Street.

Colloquially known as “the wall” it houses a digital billboard that generates an estimated $360,000 in annual advertising revenue.

In the intervening few weeks, the subject of the sale has come up in conversations with clients and real estate agents. The discussion and conversation invariably leads to the question ‘what is a strata lot?’

So What is a Strata Title Lot?

A Body Corporate is created upon the registration of a Plan of Subdivision. The Plan specifies and designates the individual lots as well as areas deemed to be common property.

Traditionally a strata lot serves to segment and define the boundaries of an apartment, townhouse, factory, office or car space.

In recent years a handful of property developers have taken an innovative approach to the subdivision process by creating a strata lot on the exterior of a building. This new take on a strata lot has a corresponding Strata Title and can, therefore, be sold and transacted on like other forms of Strata-Titled property.

We recommend that you inspect the Body Corporate records before entering into a contract on a strata lot. It is best to be fully informed before you buy the strata lot in question.

Time to Re-evaluate the Strata Title Management of Your Building?

This unusual sale highlights the flexibility and potential of strata titles. It’s a reminder that strata lots can encompass more than just traditional apartments or townhouses.

Change Body Corporate Victoria helps body corporates change their body corporate manager. There are tons of unvetted and untrustworthy managers in Victoria, and we help body corporates find the best strata manager for them.