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Over time, you may hear some words and phrases you don’t understand. That’s okay! We’re here to help. Of course, you’re able to ask the friendly team at Space Urban any questions, however here’s a guide to help you understand a few key terms.

First up, we have the abbreviations you may see:

Abbreviation What does it stand for? What does it mean?
DA Development Application A formal application that requires consent to develop on a property. [1]
CC Construction Certificate After getting a DA approved, we then get a construction certificate, which confirms that the construction plans and development specifications are consistent with the development consent(approved DA) and comply with the Building Code. [2]
OC Occupation Certificate The OC authorizes the occupation and use of a new building or part of it. For incomplete works, it’s possible to get a “part OC”, allowing occupation of the completed part of a building. [3]
GFA Gross Floor Area This refers to the area taken up by a building, generally measured in m2.
m2 Square meters An area measured by a square with sides that are equal to one meter each.
$/m2 Rental rate per square metre A calculation completed to find out how much money the tenant is paying per m2 of the property.

There are also terms you may hear that aren’t abbreviated:

Term What does it mean?
OutgoingsOutgoings are the cost associated with a property, there are Statutory costs e.g., council rates, water rates, land tax etc. as well as non-statutory costs, for example: insurance, fire services etc. [4]
Gross RentThis is rent plus outgoings (costs).
Net RentThis is rent only; does not include outgoings (costs).
HectareA hectare is equivalent to 10,000 square meters, approximately 2.47 acres or 2.47 football fields.

If you have any questions about the above, please do not hesitate to contact the Space Urban team.

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  1. https://www.planning.nsw.gov.au/-/media/Files/DPE/Manuals-and-guides/da-best-practice-guide-for-homeowners-2018-06-07.pdf
  2. https://www.service.nsw.gov.au/transaction/apply-online-construction-certificate
  3. https://pp.planningportal.nsw.gov.au/post-consent-certificates/occupation-certificate
  4. https://www.smallbusiness.nsw.gov.au/get-help/retail-leases/what-are-outgoings