Part of what makes a retail property a good investment is choosing one that's attractive to potential leaseholders. While this is true of any commercial property, the requirements for retail are a little different than for, say, an office building or warehouse. Those that are looking to buy commercial property in Surfers Paradise need to be aware of what makes retail real estate hot property.
Here are three factors that can make a retail property attractive to commercial tenants.
One of the most important factors to consider for retail property is the amount of local foot traffic. Are there lots of people that walk past? And crucially, are they of the right demographic or market segment that someone renting your property would benefit from?
While empty retail stores can be fitted out to suit almost any business, sometimes their layouts are better suited for some over others. If the property you're looking at has a certain configuration that seems as though it would be suited to a certain business, make sure it's in an area where a business of that kind would want to be.
Similarly to the question of foot traffic is considering what sort of businesses are surrounding your property. Is it in a location with other retail stores? Or is it somewhere out of the way, around businesses other than retailers?
While it will vary by the kind of business that rents the space, generally speaking it's beneficial to be surrounded by other retailers. When people can come to one place for all the stores they wish to visit, it makes that location much more attractive. While that also means potentially more competition, if the price of having no competitors present is an inconvenient location, the increased competition is often a better option.
Even if your commercial retail property is in a great location, if the building itself is in poor condition, potential tenants may be put off by the headaches it may cause. Finding a property that makes things easy for the tenant to just run their business is always the best strategy.
For more information on buying or selling retail space in Surfers Paradise, get in touch with the team at Ray White today.