If you've never bought a commercial property before, you'll need some guidance about where to look. It's very different to buying residential real estate, not only because of the tenants you'll attract, but also because the requirements for businesses are totally different to those of families looking for a home.
Buying commercial property on the Gold Coast can be lucrative and is a great addition to any investment portfolio, but you have to make the decision to buy with care.
You might buy the most attractive piece of land in southern Queensland and build a factory on it. Beautiful views and an easy walk to town are both attractive features … for a residential property.
Any time you think about commercial property, keep businesses front of mind. What are they looking for? What do they need in a base? How nice is it going to be to work on this piece of land in this particular suburb?
These are all things commercial tenants consider before leasing. The type of property you buy also affects what sort of businesses will be attracted to it, so think carefully. If you want to deal with retailers, a warehouse on the outskirts of the city isn't going to be useful. A store in town is more attractive because it will have more foot traffic which equals more potential sales.
Have a property in mind? Look at what's around it. Are the roads wide enough for a large truck to drive down for deliveries or collections? Public transport is another necessity for many workers, or at least ample parking for those who need to drive. You want your commercial property to be ideal for business owners because they need their employees to be content.
Put yourself in their shoes – if an employee would think this one property is terrible because there's no parking and it's miles away from the nearest train station or bus stop, it's likely going to be a bust. You'll simply be wasting your money, and that's not good for an investment. If there are lots of other factories in an area with big businesses renting the properties, that's a good sign the industrial real estate you're looking at is in a good spot.
For more information about buying commercial property on the Gold Coast, get in touch with the team at Ray White Commercial Gold Coast today.