An owners' committee in Shed 22 has written to other owners, telling them similar increases are in store for all six sheds. They want to raise a fighting fund to take on Docklands, which collects the leasehold fees.
"Your Shed 22 committee has been informed that a 157 per cent increase will be imposed by Docklands on all of our apartment ground-rents on November 22nd 2014 unless we formally dispute these increases," said the letter from Michael Smyth, Alan Bertenshaw, Sally Poppitt, Geraldine Keogh, Shane Phillips and John Hitch.
Apartment owner Kristina Anderson, now paying $8015.04 a year, faces an annual $20,572.99 bill from Saturday.
Shed 22 has upmarket restaurant Euro in its ground floor.
Dockland director Mark French said the rent review was in the wharf lease terms so owners knew what to expect.
"The method in which the rent review is conducted is clearly set out in the lease. Now it is a matter of simply following that process," French said. "In doing so the parties will each have the opportunity to take all relevant expert advice.
"The outcome of the rent review will be that the ground rent will reflect a current value either agreed by the parties or determined by arbitration, following the input of all relevant experts engaged by the parties."
Shed 22's committee said the ground rent on 53 apartments would rise 157 per cent from the current total of $356,532.66 to $915,147.47, so owners needed to hire a lawyer and valuer to fight that.
"Your committee considers this claim to be outrageous," the letter said. "Not only do we as lessees face an extremely excessive rental increase but also a considerable drop in the value of our apartments as a result ... "
The owners want to raise $27,930 for their fighting fund but they said if valuers could not agree, the case could go for arbitration and then more money would be needed.
The owners had tried accessing the operating expenses money paid to Docklands. "But this has been fruitless so far and the only current way forward is for apartment owners to fund this ourselves," the letter said.
Leasehold titles subject to rent review
What are ground rents?
You pay an annual fee to be on someone else's land.
Where is this happening?
Areas include around Cornwall Park and on Princes Wharf.
What's going on at the wharf?
The ground rents have been reviewed and some may increase dramatically
Example?
One owner paying $8015.04 now faces paying $20,572.99 from Saturday.
What are owners doing?
Shed 22 apartment owners are raising money to fight the rise.
How many people there?
This is one of six "sheds" and has 53 units.
