Glossary

In local authority development control rules, this is a ratio of the number of car parking spaces required to be provided for any development per unit of built up space; i.e. per square metres of built up area, per number of apartments/per number of hotel rooms/per square metres of site area.

The wall between two adjoining buildings or occupancies which provides common structural support and (fire) separation.

The current rental being paid by the lessee as specified by the terms of the lease.

The yield based on rent being paid at date of calculation. (See Initial Yield)

A measure of the intensity of the permissible use of a piece of land. It is the ratio between the total permissible floor area of a building and the area of the site of that building. If a planning scheme provides that the maximum plot ratio is 10 that means that the total floor space of the building must not be more than 10 times the area of the site of that building.

The stage reached when a project has been essentially completed and is fit for its intended purpose, except for minor omissions and defects that do not prevent its use, and with tests required under the contract having been carried out. Practical completion is market by the issue to the contractor of a certificate of practical completion by the superintendent (usually architect).

A house, building or other structure together with the surrounding grounds that form part of the title. Also, the real estate forming the subject of a conveyance or license.

Current value of future amounts or the value today of a future payment, or stream of payments, discounted at the appropriate discounted rate.

A term used in most Australian contracts in lieu of ‘client’ or ‘proprietor’. The party for whom the contractor is legally bound to construct the works.

Private individuals/investors who are private individuals, partnership and/or syndicates which invest in property and are not primarily involved in property development.

A report whose structure is set (previously), a standard report form.

A form of insurance against negligence or defalcation by a professional adviser.

The difference between the market rent and the current rent or ground rent resulting in a leasehold interest.

A certificate issued by the superintendent to the principal and the contractor, indicating the percentage or agreed stage of progress in a works project, against which the principal makes payment to the contractor.

A contract for the total management of a construction project by an independent person or organisation which is responsible for all aspects of design, documentation, contractual arrangements, inspections and certification of work for payment and of completion on behalf of the proprietor.

At law, property consists of the private rights of ownership. To distinguish between real estate (realty), a physical entity, and its ownership, a legal concept, ownership of land is known as real property. Physical items other than real estate are legally termed ‘personalty’ and their ownership is known as ‘personal property’. The word ‘property’ is used without further qualification or identification may relate to real estate, personalty or a combination. Colloquially, property is anything that can be owned or in which an interest can be held, over which control can be exercised, which can be traded or left in an estate or from which current or future rights to receive benefits can be held. Property can include, but is not limited to, real estate and associated interests therein, personalty, intellectual property, rights, licences and options, plant and machinery, art and jewellery, goodwill and shares.

Parks, recreation reserves, sports grounds and the like available for use by the public generally are public spaces.