Blog

Co-ownership in
a business park:
what do you need to know?

An SME unit offers plenty of advantages, but also comes with certain rights and obligations. For instance, you automatically become part of a co-ownership. But how does such a co-ownership system work? We asked Sebastien Degryse. As property manager (syndic) and managing director of Syndic Degryse, a family business with more than thirty years of experience that manages several business parks, Sebastien is fully familiar with the wide spectrum of co-ownerships.

How does co-ownership work in a business park?

Sebastien Degryse: “As soon as there is joint ownership – when several people have the same right to a property – we speak of co-ownership and a property manager (syndic) must be appointed. Each private unit, from parking spaces to SME units, receives shares based on value or use within the larger whole. Surface area is one of the key factors here. A logical reasoning could be: the larger the business unit, the higher its share in the co-ownership. A larger unit, for example, also generates more traffic within the business park, which has a greater impact on the property.

In fact, a business park can be compared to a small village. Roads, green spaces and so on: a village also has shared aspects that need to be taken into account and certain rights and obligations that must be respected. In the co-ownership of a business park, uniformity is a common thread, for example. When an owner wants to make a change or addition that affects the uniformity or the common parts, a general meeting has to approve it.”

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In a business park, you see a certain cross-fertilisation and sense of togetherness between the different companies. So the joint ownership of a co-ownership still creates unity.

Sebastien Degryse, managing director of Syndic Degryse

What rights, obligations and costs are associated with co-ownership?

“As a co-owner, you have to contribute to the proper upkeep of the site, because you do bear a certain responsibility or liability. A general meeting is held once a year. It must take place within a fifteen-day period set in advance. At the general meeting, the accounts are presented and approved, current contracts and works are discussed, and other items can be added to the agenda. Extraordinary general meetings fall outside the set period and can be organised whenever necessary. During the meetings, the property manager acts as moderator.

Co-ownership also comes with some shared costs, such as fire insurance, garden maintenance, signage, roof maintenance, electricity, water and the property manager's fees. In fact, all the costs involved in the common areas of the business park.”

What are the advantages of an SME unit within a larger complex?

“In business parks like Hexagon's, owners can enjoy a pleasant andattractive business site. It is appealing for the entrepreneurs themselves, but also for their staff and customers. On top of that, all costs are shared, which is obviously not the case with a stand-alone property. You also see a certain cross-fertilisation and sense of community between the different companies. So the joint ownership of a business park still creates a sense of unity.”