If you're looking to purchase commercial property in Surfers Paradise, you aren't alone. This region is growing almost every day as it's gained the interest of major developers building up the area and retailers who are looking to open up shop in those new establishments.
Should you want to get in on the action, then you have to act strategically to beat out competitors for that piece of prime real estate. Here are a couple of tips on how you can do just that.
You first need to consider what your commercial property is going to be used for (whether that be office space, retail stores or industrial use) and make sure you're shopping around in a good location. For example, a property in Surfers Paradise city centre probably isn't the best place for a industrial storage facility as it would be for retail or office space.
Knowing who you are going to target your space to ahead of time will help you lease it out.
There are a lot of new buildings being constructed at the moment so you can bet that's where all the competition will be. However, smart investors know that those new buildings are going to raise the value of that neighbourhood as it will attract more people.
Instead of waiting in line for the new building, consider investing in established commercial property within the area. Getting a jump on it now will be easier than when those buildings are finished, and you can start leasing it to savvy business owners who are also ready to open up shop.
Once you've found a neighbourhood and building you like, you next have to make sure the building itself is going to be worth the investment. Contract a local building inspector to assess the property for damages like a crumbling foundation or faulty wiring. You might have to put some money into some cosmetics of the building, like a new paint job, but if your inspector finds that the first two floors are going to have to be completely redone because of water damage from the third floor, you might have to reconsider your options.
Working with a commercial real estate agent who knows the area is going to be your greatest asset in finding a place that is right for you and your budget. Reach out to our team here at Ray White Surfers Paradise – no one knows the area better than us!