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Has it occurred to anyone that James has disappeared?
No response from James yet…Thanks Keiko. Both kitchens are nice and modern but likely only one would need removal. Will let you know how it goes.
Hi Elkham, theirs are owner operated but we checked with another agent who is not the selling agent and yes there is demand. I didn't ask how much but that is a good question to ask. It's also near a "medical uni" type facility which to our way of thinking would have a steady stream of newbies looking for their own place, driving past each day. Is there a thread on here that gives information of what a commercial lease contains or needs to contain? We need more information. Hubby thinks we'd just let the units out and let the tenants do the refurb, but to my way of thinking, we should at least change the kitchen to a reception area to create value in their minds? What is the conventional thing to do?
I'm with Crashy on this one, I think it's dreaming. One, maybe? Two, (three months later) would be amazing…but three or four?? and to flog them all off within that three month period, making what you are wanting, in this market? I don't think so. You'd be running around like a headless chook for starters. Yes there are bargains and yes properties are selling quickly in some situations, but in others, they sit for months. Personally I think renos are a wonderful way to make money BUT don't expect it to run to YOUR plan every three months. Things blow out, people get sick, families have problems, weather turns foul, all sorts of things can happen. Three months is a sliver of time. Yes it's great to have dreams and ambitions, and I'd suggest aiming for that goal, but not going into cardiac arrest with stress when your plans go haywire. RD
Number Three for me…
We've seen the property and reconfiguring isn't needed (as I understand the word) but the kitchen in one would need to become the reception area, and a kitchenette created in the laundry for staff. In the other unit, it would probably need a room divider of decent quality dividing the kitchen off from the lounge (future waiting room) and a reception created. What else is needed to create medical practitioners rooms or professional consulting rooms? I am thinking cliplock flooring or similar throughout would be advisable? Where does one go to source decent reception stuff? I figure we need to provide that rather than the tenant? This is uncharted waters for us so would appreciate any advice from those who have been there before.
I checked and the improvement in the rent is quite dramatic, from previous 410 (combined) to a potential 700. Not bad for changing a kitchen! Where would we go to learn what "normally" is in a lease for professional consulting rooms? And I am assuming (although whenever I do that I get into trouble!) these rooms would bring a longer lease, ie 2 years or more? Thanks RD
freelance wrote:You could purchase an 'option' with the same clause, which can also act as a deposit (if specified) but you have more control ie, a long option period, set price, etc.Options give you and only you the right to purchase the property at an agreed price within the specified option period. If you choose not to continue with purchase, the option expires and the owner is free to sell to anyone (they will keep the option fee though).
When you have an option on a property, can you apply to subdivide during the option time without the owner's knowledge? ie get all the nuts and bolts done before purchase? or does this need to be done once purchased.
Down Crashy, down boy! LOL I'm with you Crashy, if hubby and I can do it ourselves, decently, we do it.
Not currently looking to make one, just noticed a number of ads with this on it, and figured I'd ask the question before I needed to know the answer!!
Is there much you would have to change inside to reconfigure them to what you are proposing? Also what is the car parking requirements of that particular council?
We've bought it as a duplex as it's bringing a good return 8% but looking to twist it. Nothing would need reconfiguring, but have yet to learn the parking requirements. However, it can currently take 6 cars so probably not any worries. I am sure the wheelchair access etc would need to be created though. Will let you know how we go with it. Won't get to see it til late March when we fly in.Thanks Micheal 888 I'd already done that by phone. Yes it's zoned resi but is open to applications for professional consulting rooms. And g_o_m, on another property in Qld I simply made an free appt with the town planner and showed her the various ways we could subdivide a property and she showed me which would be approved, should I apply. We did, and it was.
I was wondering what professional consulting rooms would bring, as against "normal" unit rent, and whether this would attract GST?
Thanks Vicky, appreciate your thoughts. I am not the type to let agents boss me around but did wonder how others handle it. Kerrie.
Thanks for the heads up, will check it out.
Thanks IP Freely, for the reply. Yes the 3 bed would bring 250 and the 2 bed around 150. So when one strata titles, one is actually subdividing? I don't know anything about it yet, just knew that a duplex could be strata'd. So the strata costs are under 1500 p/a, but from what you are saying, there's rates on top of that? I will ring the council and find out. Thanks!
No response from James yet…
