Has your Strata Scheme budget taken into account any Marina component of your development?
There are many models that a Marina can be established under and identifying which model relates to your scheme, is crucial for disclosure of outgoing costs to purchasers.
Some models have costs associated with the legal rights, which identifies whether your Marina is under a Headlease, on “water” or land which may be a traditional subdivision which creates titled lots (berths) which can provide clues. Leases will always attract a fee, therefore always check to see what the fee is and what method of review is used for annual increases. Are there any outgoing costs required under the lease that need to be accounted for in the budget?
Establish up front what your project is facing and work on your plan of action.
Our team regularly updates any clients on strategies and how to minimise operational costs in Marina projects.
Contact our team on (07) 5504 2015 or firstname.lastname@example.org for a one hour review on how you can minimise any risks on your project.