One of the first strata renewal and collective sales of apartments in NSW has closed in Sydney's Macquarie Park, but not without a long-drawn legal stoush between owners and buyer that could be cause for a review of new laws.
Developer VIMG's acquisition of 40 out of 48 apartments at 159-161 Epping Road was one of the earliest collective sales strata lots in NSW since the introduction of the new strata renewal rule in late 2016, where 75 per cent of owners of a scheme can force its sale for urban renewal.
While new laws might not be perfect initially, the Owners Corporation Network said these initial cases highlighted a need for the NSW government to re-examine them.
"I think it is time for the legislators to review the law in light of initial cases whether it is best-practice regulation that they hoped for," OCN chief executive Karen Stiles said. "The renewal process should be robust and that dissenting owners should be given due process."