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Hyecorp uses "granny" strata renewal protections in Macquarie Park
Su-Lin Tan
Su-Lin Tan
Reporter
Oct 3, 2018 – 10.00pm
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Loopholes have emerged in NSW's new strata renewal laws as developers thwart the sale of old properties, defeating the protections intended for vulnerable homeowners.
The owners of 42 units in one of the earliest amalgamated sites sold under the new laws in Macquarie Park, Sydney, have fought a two-year battle with the owner of three units, Sydney developer Hyecorp, which refused to sell.
Selling the combined 4246sq m site at 2-4 Lachlan Avenue and 1-3 Cottonwood Crescent would have earned the majority of the owners an average of nearly $1.3 million for units that, if sold individually, would rake in around $800,000 to $900,000.
The laws were intended to speed up the disposal or redevelopment of fatigued properties which were costing more to maintain, like 2-4 Lachlan Avenue and 1-3 Cottonwood Crescent in Macquarie Park.
But that sale is now locked in a stalemate as the case heads to court in early November as the first strata renewal to stand trial.
Hyecorp, founded by well-known Armenian-Australian family the Abolakians in the 1990s – Stephen Abolakian heads the group while Michael Abolakian is chairman – had acquired three units in the two older-style sister blocks in late 2014 and 2015 just before new laws were introduced by the NSW government in late 2016 allowing 75 per cent of a strata to force the collective sale of property.
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The laws were intended to speed up the disposal or redevelopment of fatigued properties which were costing more to maintain.
Unintended consequences
After failing in a bid to buy the site – following a CBRE-led sales campaign approved by the majority of the owners in 2016 – court documents show Hyecorp dug its heels in to oppose the sale to the winning bidder, British student accommodation giant GSA, which had offered about $50 million for the majority of the units.
GSA plans to put up student accommodation to cater to students in nearby Macquarie University.
The two stratas have now spent close to $1 million in legal fees preparing the case for court as the new laws, under the Strata Schemes Development Act, safeguards disagreeing parties.
"Despite the best drafting intentions, new laws always have to be tested to find any unintended consequences," the Owners Corporation Network chief executive Karen Stiles says. Lee Besford
It is understood Hyecorp has also asked for three times the price offered to owners. The company has declined to comment.
"Despite the best drafting intentions, new laws always have to be tested to find any unintended consequences," the Owners Corporation Network chief executive Karen Stiles said.
"In this case, the measures put in place to protect dissenters are being used by a developer who, the network understands, did not win the tender put out by the owners. So the developer is using any means at their disposal to delay, frustrate and defeat the renewal process by another developer.
"It's dirty pool and definitely an unintended consequence of the new law, and government needs to address this urgently if it wants to encourage urban consolidation via strata renewal."
Sale of the combined 4246sq m site at 2-4 Lachlan Avenue and 1-3 Cottonwood Crescent is now locked in a stalemate as the case heads to court in early November as the first strata renewal to stand trial.
Opportunistic parties
Ms Stiles says the NSW government should consider prohibiting developers from participating in owners corporation decisions and apply severe penalties if "developer owners" do not disclose their interests.
"Under the 2015 strata laws, developers are prohibited from voting on building defects, so they can't use their votes to avoid responsibility for repairs," she said.
Sources close to the case say the laws, intended to protect "grannies and pensioners", have failed.
"This has allowed opportunistic parties to manipulate the law to suit their commercial objectives," the source said.
Selling all of 2-4 Lachlan Avenue and 1-3 Cottonwood Crescent would have earned the majority of the owners an average of nearly $1.3 million for units that, if sold individually, would rake in around $800,000 to $900,000.
Another source said the legislation has "turned dissenting into an enterprise".
"Some watch the behaviour of [these] professional dissenters and see that dissenting can be more profitable than collective support."
Hyecorp disagreed with the sale because it was not conducted in a "just and fair manner" and that the owners have failed to obtain an independent valuation, court documents indicate.
In one document Hyecorp said: "The Australian Property Institute membership number of both David Blackwell and Mia Dragila (Urbis Valuations) are disclosed ... but discloses no further qualifications and does not attach a curriculum vitae".
Hyecorp has developed many apartments in Sydney's north shore. The group's current project is Macquarie Park apartment tower Monika on Peach Tree Road. Artist Impression
Mr Blackwell's profile on Urbis' website says he is a "highly regarded and experienced valuer ... draws on more than 35 years' experience in the real estate industry" while Ms Dragila has been named as one of the Property Council's "100 Women in Property initiative".
Further, Hyecorp says the owners have not complied with the "steps set out in the Act in order to obtain the required level of support for the plan" and there had been a conflict of interest between owners and GSA.
Provides transparency
The owners in turn say Hyecorp had not declared its identity or interests for around five months as their representative, an employee, sat in on owners' meetings.
Hyecorp has developed many apartments in Sydney's north shore including a 74-unit luxury project Sienna in Willoughby which offers 42 affordable units. The group's current project is another Macquarie Park apartment tower Monika on Peach Tree Road.
The NSW government said the new laws were intended to encourage the redevelopment of old buildings when they are no longer viable or if maintenance costs are too high and has seen them used to achieve unanimous decisions to sell.
"Before, a single owner could block other owners from fulfilling a considered and equitable proposal to sell a strata block. This could lead to significant financial ramifications for those unable to afford increasing maintenance costs," a Department of Finance, Services, and Innovation spokesman said.
"The legislation provides transparency and has built-in safeguards and protections for both approving and dissenting lot owners to ensure they are treated and compensated fairly.
"The Office of the Registrar will continue to monitor the laws to make sure they are providing a balance of protections for both approving and dissenting owners."
Michael and Stephen Abolakian of Hyecorp, which acquired three units in the two older-style sister blocks in late 2014 and 2015 just before new laws were introduced by the NSW government in late 2016 allowing 75 per cent of a strata to force the collective sale of property.
GSA and the owners of the properties have declined to comment. |
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