What is a collective sale plan?
A collective sale plan is a sale of the whole of a strata scheme. This means each of the lots within the strata scheme are sold. Once all lots have been sold, the strata scheme will be terminated.
What is a redevelopment plan?
A redevelopment plan can involve a variety of changes to redevelop the existing strata scheme (such as adding new levels or units, upgrading facilities like adding balconies, changing internal configuration, a complete redevelopment of the site and so on). Following a successful application to the Court, a new strata scheme will then be formed, with unit holders of the collapsed scheme becoming unit holders in the new scheme (and units of dissenting owners sold), pursuant to the specific terms of the strata renewal plan. More information is contained on the website of NSW Land and Property Information.