{"id":38084,"date":"2022-04-16T14:34:19","date_gmt":"2022-04-16T02:34:19","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=38084"},"modified":"2022-04-16T14:34:19","modified_gmt":"2022-04-16T02:34:19","slug":"air-rights-for-sale-with-apartment","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/air-rights-for-sale-with-apartment\/","title":{"rendered":"Air rights for sale with apartment"},"content":{"rendered":"

PHOTO: Agent Rhiannon East is selling fresh air. Picture: Rebecca Michael<\/strong><\/p>\n

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Two storeys of thin air stack more than $100,000 onto the value of this city apartment.<\/p>\n<\/div>\n

The two-bedroom pad for sale in the The Wiltshire building at\u00a037\/300 King St<\/a>\u00a0comes with \u201cair rights\u201d above it that allow for its owner to extend above the roof.<\/p>\n

Harcourts Melbourne<\/a> City agent Rhiannon East said the invisible asset made up \u201cat least $100,000-$200,000\u201d of the apartment\u2019s $630,000-$680,000 price tag.<\/p>\n

\u201cThe owners of the 10 apartments on the top floor \u2014 level three \u2014 of The Wiltshire own the air space directly above their apartments, matching the apartment\u2019s footprint,\u201d she said.<\/p>\n

\u201cThis essentially allows them to build into those air rights without body corporate approval.\u201d<\/p>\n

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Most Australians actually benefit from rising house prices, so how do we fix housing affordability?<\/div>\n<\/div>\n<\/div>\n
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\"The<\/div>\n

The Wiltshire building is a former parcels office.<\/strong><\/em><\/div>\n

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\"The<\/div>\n

The open-plan apartment inside 37\/300.<\/strong><\/em><\/div>\n

Ms East said owners would need council approval to build upwards, though, as was necessary \u201cwith any renovation\u201d, but believed the rights allowed for at least two storeys.<\/p>\n

\u201cMy understanding is the original developer actually was planning to build a 4-5 storey building and didn\u2019t end up doing that so he sold the air rights with the apartments,\u201d she said.<\/p>\n

Air rights most commonly concern the space above a building, which can be developed or sold by whoever owns them, and can be purchased by adjoining buildings and be common property or privately owned.<\/p>\n

But any application to build within them is subject to planning and building approvals.<\/p>\n

Ms East has only ever encountered the concept at The Wiltshire, a former parcels office, and listed another there in 2017, which that vendor ended up retaining.<\/p>\n

She said one owner had plans before City of Melbourne including a rooftop garden, but nothing had been developed above the building yet.<\/p>\n

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\"A<\/div>\n

A spacious lofty bedroom.<\/strong><\/em><\/div>\n

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