How to add value to Mount Isa commercial property
Mount Isa’s economy has been driven by mining for decades, but in recent years, there has been a shift towards diversifying to include more non-mining industries. If you own commercial property in Mount Isa, there are several ways to add value to it and maximize its potential.
One of the easiest ways to add value to any Mt Isa commercial property is by renovating. Renovations can include everything from updating the exterior of the property to modernising the interior. Strategic renovations can also increase the functionality of the commercial space, making it more attractive to potential tenants.
For example, creating more storage space or installing new air-conditioning systems can all make a property more appealing to commercial tenants.
Increase energy efficiency
Another good way to add value to any Mount Isa commercial property is by increasing its energy efficiency. Energy-efficient buildings are in high demand, and tenants are often willing to pay more for them.
There are many ways to make a property more energy-efficient, including:
- adding insulation
- installing solar panels
- upgrading to double glazed windows to minimise the heat passing through them
- installing LED lighting.
These upgrades will not only make your property more attractive to tenants, but they will also save money on ongoing energy costs.
Parking is often a significant consideration for businesses looking to rent commercial space. By providing ample parking, owners can increase the value of their commercial property and attract more tenants. If your property doesn’t have sufficient parking, consider expanding your existing parking lot if possible.
Offer flexible lease terms
Flexible lease terms can add value to commercial property and help you to potentially attract a wider range of businesses. They can also help you to attract high quality tenants on longer lease terms.
Install technology upgrades
Installing technology upgrades can also add value to commercial property in Mount Isa. For example, installing high-speed internet or updated security systems can make tenants feel both more productive and more secure in the building.
Improve the surrounding area
The value of commercial property is impacted by the surrounding area. Property owners can increase the value of their property by landscaping the surrounds so the premises have the maximum possible street appeal.
If you have a large block of commercial land in Mount Isa, then subdividing can be a great way to increase its commercial value and potential. You will need Mt Isa City Council approval, but it could be well worth it.
Hire professional property managers
Finally, hiring professional property managers like one of our local and experienced team members at Jays Real Estate can add value to your commercial property. We can handle the day-to-day management of your property, including marketing, leasing, and maintenance. This can save you time and money and ensure that your property is always well-maintained and attractive to tenants.
The bottom line
There are many ways to add value to commercial property in Mount Isa. Ultimately, the key to adding value to any commercial property is understanding the needs of existing or potential tenants and investing in the property accordingly.
Adding value to your commercial property will help you to maximise your property’s potential by attracting high quality tenants.
If you’re thinking about leasing, selling, buying or renting any Mt Isa property, or you need your property professionally managed, then contact our team today for an obligation-free chat!
We’d be happy to provide you with advice and to answer any property questions you have.