In the world of real estate, with medians constantly on the move, what price do you put on … air?
Vendors in Brisbane are selling a swish, renovated house that comes with an unusual chattel – a chunk of air space, which they purchased to protect their views.
The owners of 56 View Street, Paddington, bought the property in front and therefore also own the air space above so their sparkling view can’t be built out. They registered that air space in front to number 56 and it is one of the sensational attributes in the luxury listing, on the books of Place Estate Agents.
56 View Street, Paddington, Queensland
There are lawyers who specialise in air rights law, which is a branch of property law.
An early principle of property law is the Latin phrase: ” cujus est solum ejus est usque ad coelum et ad inferos“. It means whoever owns the land owns the heavens above it and the hell below.
Homeowners do own the air above their property, but there is a restriction on the height to which this applies – this is why planes can fly above residences.
Air rights can be purchased above a block of land by lodging an easement application, which can cost less than seven thousand dollars, registering a third party interest in the air space, before it can be transacted for compensation (ie. a price, just as you would a house) to the original owner.
In 2012, former President Donald Trump tweeted that one of his best ever investments was buying the “air rights” around the Tiffany & Co flagships boutique on New York’s Fifth Avenue, protecting views from his neighbouring Trump Tower headquarters.
The five-bedroom View Street beauty was treated to a multimillion-dollar makeover. It is going to auction and by law in Queensland properties headed under the hammer do not carry an advertised price guide.
David Gockel of Gockel Architects is behind the design, which employs banks of glass, a soaring void, handsome louvres, deep decks and natural materials impact a sense of space, light and connection to the inviting Brisbane climate.
A turquoise lap pool runs the length of the house, linked to the courtyard with a built-in barbecue. The home also has a gym.
The median house price in Paddington, known for its city views and top-notch shopping, is $1.82 million, according to Domain’s December 2022 House Price Report.
The sum represents a 28.6 per cent spike over 12 months and 82.4 per cent over five years.
Article source: Queensland Property Investor