Best way to approach other owners r.e selling old units

[alij777]

Hi there, I'm one of 6 owners of older style units (60+ years old), which are being surrounded by large apartments currently being built. Developer might be interested in purchasing the older units, meaning I would have to try convince 5 other owners. They are mostly IP's with one being owned by a housing cooperative. Do I approach each individually, raise with OC manager, raise at the AGM?

It's a long shot however definitely worth exploring.

 

[85thark]

@alij777 What state you are in regulates the terms of selling the whole block + land.

Some require 80% of owners, some require 100%.

You should do research into the metre frontages required, what can be developed for block size ect. Certain sized blocks might only allow for 4 stories, others 12. ect Which is will greatly impact your value.

Investors can have different motivation for keeping properties. Find out what can be developed first and how many people you need to get onside then approach them individually, if they join your side let the next person you approach know they're on side. Housing cooperative might be an issue.

 

[alij777]

@85thark Thank you, located in Victoria (100% required)

 

[85thark]

@alij777 Googs what the housing cooperative is all about.

Some people can be weirdly anti-development even if it is logical.

If the developer can replace the 6 apartments with 30 apartments you can bargain hard with some developers (once you find one) such as asking that the housing cooperative gets 2 apartments in the complex rather than proceeds from the sale of the land.

Find what is going to motivate people to be on your side.

 

[blessedmama13]

@alij777 I wouldn't raise it with the OC manager. If enough people are at the AGM perhaps say you want to talk for a minute afterwards in private. Or sound out the other owners privately.

I would put it as strongly as possible that nobody should sign up to any sort of an option deal without talking to everyone else - you will get a much better deal as a group than if a developer gets an option over one unit. United you stand, divided you fall...

 

[10wawa10]

@alij777 Worth exploring but you also might be too late. If they are building then council approvals and financing have been locked in. They would have to re-design the development, get further approval and find additional financing.