Sinking Fund Plan

[Tim Moore]

The Sinking Fund Plan is an ongoing plan for regular essential maintenance on 8-12 Gloucester Road Hurstville.
The work is essential for the safety and good appearance of the unit block.
This work cannot be ignored and is well behind schedule.
This fact is clear from the attached photos.

The Body Corporate needs to scope/cost/budget/plan this work going forward.
It cannot be ignored and higher levies are required to cover the cost and to ensure our property values don’t decline.

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[John Unit 3]

below are some data and fact
And we can consider what is really concerning about the value of property .

1. In the last 3 years, every year, on ons side , we were kept being pushed to double the strata levy than the last year , with the reason of a number of repair plans. In every strata meeting , it was agreed that we can raise special levy to each repair project. However, on the other side, after the strata fee was raised, there was NEVER special levy raised to any project. To many of us, the purpose is to fix the building but not just add money to the pool.

2. There are a few problems of the building , and the root of these problems are those big trees. In the last few years, every year almost all of us all strongly want to remove those trees, If we fix those trees problem, many problems will never happen again and we can also have normal sunshine. And also , were the trees legally plant ?

3. When the time when George was living here, we have a much lower strata fee and much better building enviroment. Just a few years past, our strata fee is nearly double and enviroment has beome bad

4. No 52, Illawarra St ,Allawah, 15 units 42-years block, 3 bed room 120 sqm unit strata 720 , rent market value 680 per week, unit value 750K
No 16, Gloucester Road, about 40 years block, 2 bed room strata fee 580, rent market value 450 per week, unit value 680K
The new many-units big block opposite to central link , with lift and garden, 2 bed room strata 820, rent market value 700 per week, unit value 820k
Ours, rent is about 380 per week, unit value, not more than 600 k per unit. strata fee is about 20% of the market rental price.
How many people are interest to a building with lower rent income and higher strata fee.

We do need to fix building’s problems, but can through special levy, to make the spending clear and the ensure the actions happen. We do need to fix the big trees at a higher priority because it is the source of many other problems.

• This reply was modified 3 years, 9 months ago by John Unit 3.
• This reply was modified 3 years, 9 months ago by John Unit 3.
• This reply was modified 3 years, 9 months ago by John Unit 3.
• This reply was modified 3 years, 9 months ago by John Unit 3.

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