Compensation for granting stormwater easement?

I had an IP unit in a low rise block of 30 units over about 2500 sqm in inner west Sydney.

Recently, our site has been rezoned and allowed max. height of 30m and FSR 3:1. There has been discussion from developers trying to buy us out. While discussions only at this stage, there is this potential.

Anyway, we were approached by the developers building a block of units behind our block wanting to move their stormwater easement with 750 pipe and 2 900x900 pits over to our land along our rear boundary. They have offered $10,000, plus brick fence and waterproofing a private stormwater pit we have that leaks into the garage. I am worried this burden would limit future development buyout potentials, but other residents seems to be warm to the cash and small job offer.

So, I am wondering how to work out a fair compensation? And would you agree or disagree if it was you?

Thanks

 

1. Engage a valuer to determine the value of the land, the value of the 'damage' or loss of development potential/value caused by the restriction on the land.
2. Would seriously be trying to avoid granting an easement which will restrict your block's attractiveness to a developer.

 

The big factor is location. If it is in a setback area then it is much less of an issue from a future development perspective. If it restricts development then run away.

As @Scott No Mates says a valuer is your first port of call.

 

+1 to Scott
Rear Developers will know exactly what's required, what other options they have.
Their likely looking at/offering the cheapest one for now (the next could be 4 time$ + more expensive) crossing their fingers like used car salesman that you lot take the bait.

I'd be doing whatever I could to ensure the deal works very favorably for you not just now (as you may have them by the balls) but long-term that it doesn't impede future development/issues.
"Perhaps" whatever they do now could be constructed sufficiently to also accommodate any redevelopment on your block, just have to hook into it when that time comes.

"What-If" in ~5yrs your block can't be redeveloped because of what they did, that what they potentially do now all has to get ripped out/redone to accommodate both sites, they now have you by the balls?

Its gunna cost you sometime, the main issue I see is others in your block who are perhaps only looking at "Now" (dangled carrot) rather than future impacts, in many ways.

 

To add to my comments, as body corporate is parting with possession of common property, legal advice should be sought at an early stage to confirm the powers of bc in this regard. BC may require the consent and agreement of all owners prior to selling the rights to a third party.