There are two ways you can approach how you value your Gold Coast commercial property. You can look solely at what you'll get if you sell it on, or you can consider the rental value as well. Whichever approach sits better with your immediate plans, there are a number of ways to improve both sale and rental appeal.
Here are four ways to improve the value of your Gold Coast commercial real estate.
Both buyers and renters want somewhere that's ready to move into. A property that already has a high-speed internet connection, air-conditioning and kitchen facilities is infinitely more appealing than a shell of a building. Even better, is a space that has kept up with developments in modern technology – offering the ability to control heating remotely, for example, or has state-of-the-art security.
By ensuring you have a number of essential amenities already in place, anyone looking to buy or rent from you knows it's an easy move. There's little in the way of effort or financial commitment needed from them to get the property business-ready. They can move in and continue seeing clients with minimal downtime.
No matter how sparkly and shiny your commercial property is on the inside, if it looks unappealing from the outside it could dissuade potential visitors completely. If they're looking for space in which to entertain clients, they need their premises to look the part. Turning around a run-down exterior or uncared for outdoor space could require substantial investment on their part, as well as cost them potential clients.
Again, make an investor's decision to buy or rent from you easy by limiting the work they'll have to do before they move in.
Don't feel that because your property is currently fitted out as an office, cafe or shop that it has to remain that way forever. While a certain type of fit-out may have won you clients ten years ago, it's possible that the area around your property has changed in that time and now appeals to a different type of investor.
Consider whether some new features, a new fit-out or facilities could widen your net when it comes to future buyers or renters. Look at what other types of businesses might need from your property, and how you could add features. For example, could you install a storage facility to make your property suitable for a shop rather than an office?
Particularly if you're interested in increasing your rental income, changing the layout of your property could allow you to offer several smaller spaces. While each individual space will command a lower rental price than the unit as a whole, by having several tenants, you might be able to match or increase your income while spreading the risk. With multiple tenants, you know you've got money coming in even if one tenants moves out. This is not only good news for you, but for anyone looking to buy the property and rent it out.
At Ray White Surfers Paradise, we buy, sell and manage commercial properties and know the local market like the back of our hand. Get in touch with our team for advice around how to maximise your commercial property value.