Glossary

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?
Outgoings	Outgoings 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 Rent	This is rent plus outgoings (costs).
Net Rent	This is rent only; does not include outgoings (costs).
Hectare	A hectare is equivalent to 10,000 square meters, approximately 2.47 acres or 2.47 football fields.