As Australia’s capital cities continue to grow with new developments, more BMS buildings are starting to arise.
Building Management Statements (BMS) provide a mechanism for buildings involving Volumetric lots (which include Residential Lots – usually under a Body Corporate, with retail and commercial lots) to assist in the management, rights and responsibilities of shared areas. A BMS can only exist where there are two or more lots, one of which lots must be a volumetric format lot.
Below is a diagram to explain an example of a BMS:
If you’re involved in building management of volumetric lots, it’s essential you ask yourself the following questions:
If you answered no to any of these questions then you may be missing crucial income.
The main purpose of a BMS is to identify areas of which the volumetric lots have shared use and provide a tool to manage the reasonable apportionment of costs between all owners.
Certain elements of a building that is part of a BMS will use particular facilities more than others. For example, retail spaces that are located on the ground floor may not use the lift area compared to the residential owners who will use the lifts multiple times per day.
Since 1995, SSKB have proven themselves as one of Australia’s industry leaders in the Strata Management field.
One of our key services is Building Management Statements (BMS), which provide a mechanism for buildings involving Body Corporate, to assist in the management, rights and responsibilities of shared areas. Click here to make the switch to SSKB today.