Mixed-use developments are defined as multi-use, multi-purpose buildings that physically and functionally provide space to integrate residential, commercial, cultural, institutional, and industrial uses. For instance, a building may include retail stores on the ground level, offices on the second level, and residences on all the levels above.
Most mixed-use developments are by nature large and complex. In order to successfully manage these types of schemes, a Building Management Statement (BMS) or Principal Body Corporate (PBC) is often adopted. These types of schemes also require input from a team of specialists including an experienced strata manager, qualified accountant, and competent onsite manager. Often these schemes also call for input from lawyers with strata industry expertise to assist with legislative management issues.
The team at Insight Strata Accounting Services have many years of experience dealing with numerous large-scale mixed-use developments. Over this period they have developed strategies and tools necessary to successfully manage these types of schemes.
Some other examples of mixed-use developments include:
Residential apartments with a commercial office tower located within the same scheme
Hotel or retirement village, residential and retail lots incorporated into the same scheme
Residential apartments with retail shops below.
Residential complexes incorporating marina precincts.
A tavern integrated with a residential body corporate.