Tips for building Mount Isa commercial property wealth
Investing in Mount Isa commercial property can be a great way to build your wealth if you get the fundamentals right. Jays Real Estate has been helping Mount Isa commercial property owners do that for more than 40 years. Read on to find out our top tips!
Research the market and do your due diligence
No property investment (residential or commercial) should ever be made without researching the local market and talking to an experienced local real estate professional. The technical term for that is doing your “due diligence”.
When it comes to Mount Isa commercial property, that means researching:
- current values and rent rates per square metre for comparable properties.
- the competitive environment for the type of business or industry that suits your potential commercial property investment.
- current Mount Isa economic conditions and forecasts.
- potential tenants for your property (if you don’t want to use it for your own business)
- current vacancy rates for comparable properties (if you don’t want to use it for your own business).
- existing and planned Mount Isa infrastructure developments.
Location, location, location
“The three most important factors in real estate are ‘location, location and location.” It’s an old saying, but it applies just as much (if not more) to Mount Isa commercial property. Try and find a spot that’s in a great location for the type of business that your commercial property suits. If customers or suppliers will be visiting the premises, look for high visibility areas, general access and parking opportunities.
Invest in a newer or recently renovated commercial property
Newer or recently renovated Mount Isa commercial properties should require less short to medium-term repairs and maintenance than older ones. They are also more likely to maintain or increase their value over time.
Look for a flexible design
A flexible design will either help you to more easily adjust the space to suit the needs of your business or to maximise your appeal to more potential tenants if you’re looking to lease the premises.
Buy a Mt Isa commercial property with a long-term lease in place
If you don’t want the premises for your own business, look for a property with a long-term lease in place with a good tenant. This will eliminate the risk of your property sitting vacant during that time.
Structure your lease effectively
If you’re looking to buy a commercial property to lease, make sure you structure your lease effectively. Think carefully about the following lease terms and conditions:
- the term (the longer the better, especially for good quality tenants).
- the frequency of the rent review period (more frequent reviews give you more opportunities to increase the rent to maximise your ROI).
- make sure you link your rent reviews to the latest consumer price index (CPI).
- make sure your tenant is responsible for all outgoings (or as many as possible).
Look for future development potential
Commercial properties that have more development potential can allow you to capitalise on those opportunities to help build your wealth faster.
Looking for a current opportunity?
You can check out our range of Mount Isa commercial properties that are for sale here.
Or if you’re looking to lease a Mount Isa commercial property, our currently available listings are here.
If you’re thinking about buying, selling, renting or leasing 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.