Lease of part of the common property

The owners corporation may lease part but not all of the common property for a term up to but not exceeding 5 years.

  • A lease of part of a title in excess of 5 years requires a plan of subdivision and is not acceptable in relation to common property.
  • If the part of the common property to be leased can be described as premises it may be leased for up to 25 years.
  • The lease requires the owners corporation to pass a special resolution, which must be certified by the owners corporation on Approved Form 13. The approved form must accompany the lease at lodgment.