Our four year costly rental agreement for a treadmill expired end Nov 2018

The only item of gym equipment in the below photos from our ground floor gym that SP52560 has rented is the Life Fitness - Club Series treadmill that appears in the 1st and 2nd below photos. 
SP52560 has rented it from
Fitness Equipment Finance for $235.09 a month ($2,821.08 p.a. = $11,284.32 'in toto').  The four year lease expired at end Nov 2018.
Based on the below two written quotes to purchase a replacement Treadmill our maturing rental contract for only one item has been costly.

Philip Johnston, Chairperson, understands that all the other gym equipment are hand-me-downs from former owners or tenants.
After emails with Nicola Johnson, CFO, Life Fitness AustraliaPhilip Johnston has established that our 48 months rental lease expired at end Nov last year. 
Clause 11 of our rental contract with Life Fitness Australia dated 30 Oct 2014 does not appear to provide a 'residual value' or provision for the Owners Corporation to own the leased Treadmill at the completion of the 48 months' contract or to purchase it at a residual price
Nor does the lessor's due diligence document dated 28 Oct 2014 provide any insights. Hence, the Owners Corporation appears obligated to release the existing Life Fitness - Club Series treadmill to Life Fitness or continue to pay $235.09 p/m and not own it.

Philip Johnston has obtained separate written quotes from two other gym equipment suppliers to PURCHASE a replacement treadmill, because of the above higher cost of rental where at the end of the four year contract we do not own the treadmill:

1. Technogym -  Forma Jog (with hand sensors)
Two years warranty

2. Exagym - Vision Fitness T60 Treadmill
"Lifetime Frame, 3 Years Drive Motor, 2 Years Parts & Labour"

$5,625 + GST = $6,187.50 + $412.50 delivery = $6,600 'in toto'

$4,999 + $220 install + GST = $5,219

The Exagym quote is 20.92% cheaper than the Technogym quote.  However, the Technogym Forma Jog (with hand sensors) appears a more sturdy Treadmill.

The more expensive treadmill, namely the Forma Jog, is used extensively by Fitness First where the workload would be more than 50 times higher than usage in The Pavilion's humble gym.

Over the last four years the Owners Corporation has paid double the price of purchasing a gymnasium grade treadmill, namely paid monthly rentals of $235.09 that have aggregated to a whopping $11,284.32.

The Chairperson recommends that the Owners Corporation purchases one of the above two treadmills.  Or purchase a second hand Precor 956i Treadmill (weighs 200KGs) with a 4HP motor on Gumtree at Coogee for $1,200 which is less than five months rental of our existing 'rented' treadmill.