Glossary

A transaction whereby an existing owner sells an asset to another who then leases it back to the original owner on pre-determined terms and conditions for the mutual advantage of each party.

A mortgage or charge on real property ranking after a prior mortgage or charge; i.e. after a first mortgage.

The minimum distance a structure must be moved back from the street or boundary line in accordance with local planning or building regulations.

A collection of outlets typically including bulky goods retailers (furniture, white goods and other homewares), and non-retail uses (e.g. automotive and trades-people outlets).

An account set up with regular payments made over period of time for the purpose of paying for future maintenance and repairs of a capital nature (e.g. the fund established by a body corporate for the collection of strata monies for capital expenditure within the unit block).

A parcel of land which is undeveloped or underdeveloped.

The maximum amount of a site that can be covered by a building, usually expressed as a percentage.

A value amount above market value that reflects the particular value an asset has to the owner and the use to which the owner can or does put it to. Excludes any sentimental value.

A retail shop in a centre that specialises in a defined narrow range of merchandise with an emphasis on product knowledge and customer service. Shops may range up to 400 square metres but are typically 60-120 square metres.

The duty or tax payable on a real estate transaction or lease registration which is calculated on a scale.

The registered plan of a strata title property showing the boundaries of lots and unit entitlements. Pursuant to legislation on strata or unit titles.

The formal ownership of property held within a strata plan where property is defined within horizontal and vertical boundaries.

A contract whereby the whole or part of the property is let to another person, the party letting being themselves a lessee. The obligations of the lessee are not, however, diminished.

Division by a land owner, of all or part of a parcel of land, into separate allotments (or sections), each with a separate title, in accordance with a ‘plan of subdivision’ approved by the planning authority.

Refers to the addition of the value of the parts of real estate to obtain the value of the whole (i.e. land and buildings). May refer only to a value prediction using the depreciated replacement cost approach.

A purpose-built tenancy specialising in tinned and packaged food, grocery lines and fresh produce. The emphasis is on self-service with a bank of checkouts for payment by customers.

A group of individuals who join together for the purpose of property development and/or investment, usually for a fixed period of time.