(1) The deposit of a unit plan for a subsidiary unit title development creates in each unit a stratum estate in freehold or a stratum estate in leasehold or licence, as the case may be, derived from the stratum estate in the principal unit subdivided to create the subsidiary unit title development.
(2) The stratum estate in each unit comprises—
(a) the fee simple estate or, as the case may be, the estate as lessee or licensee in the unit determinable in accordance with section 74 or subpart 2 of Part 4; and
(b) the beneficial interest in the fee simple estate or, as the case may be, the estate as lessee or licensee in the common property of the subsidiary unit title development, to which the owner of the unit is entitled under section 54(2); and
(c) the undivided share in the fee simple estate or, as the case may be, the estate as lessee or licensee in the principal unit subdivided to create the subsidiary unit title development, to which the owner of the unit is contingently entitled under subpart 2 of Part 4.
(3) The principal unit subdivided to create the subsidiary unit title development remains a principal unit in its unit title development.