Hey all,
In about 5 weeks time I will be the proud owner of a resi/commercial (mixed) in the inner west (<5km from CBD by foot)! The property itself is 80% resi and 20% commercial. The ground floor has a commercial unit with an office space of about 6mx6m facing the street, a separate spacious kitchen and bathroom. Levels 1 and 2 comprise the residential aspect of the property, offering 3 bedrooms (all with built-ins), 2 baths and a very spacious rear balcony covered by a clear veranda.
The property itself is still new (2005 build?) and the build is great with quality finishes. Only issue is the difficulty of finding tenants for the entire building. The offering is obviously niche (best for those who want to rent, live close to city and run their own business from home) and the ask rent isn't unreasonable at all. If anything, the entire rent amount will be tax deductible since the entire building is on a single title and the lease agreement will be commercial.
Currently, we are asking $1300pw + full outgoings + GST. One tenant came in with a counter of $1200pw + half outgoings + GST but then settled for another property further out west when we declined. 2 weeks later another offer came in for full ask but the tenant hasn't been responding to my agent's calls since Tuesday.
Should we bite the bullet and just offer the resi aspect of the property on a 6 month lease for $850pw? Based on surrounding properties, this seems to be the norm for a house of a similar build. Another alternative is to try and list the property with an agent with commercial experience in the area and on realcommercial.com.au rather than realestate.com.au (currently listed).
We would like for the building to be tenanted at settlement to alleviate any pressure induced by our loan repayments.
In about 5 weeks time I will be the proud owner of a resi/commercial (mixed) in the inner west (<5km from CBD by foot)! The property itself is 80% resi and 20% commercial. The ground floor has a commercial unit with an office space of about 6mx6m facing the street, a separate spacious kitchen and bathroom. Levels 1 and 2 comprise the residential aspect of the property, offering 3 bedrooms (all with built-ins), 2 baths and a very spacious rear balcony covered by a clear veranda.
The property itself is still new (2005 build?) and the build is great with quality finishes. Only issue is the difficulty of finding tenants for the entire building. The offering is obviously niche (best for those who want to rent, live close to city and run their own business from home) and the ask rent isn't unreasonable at all. If anything, the entire rent amount will be tax deductible since the entire building is on a single title and the lease agreement will be commercial.
Currently, we are asking $1300pw + full outgoings + GST. One tenant came in with a counter of $1200pw + half outgoings + GST but then settled for another property further out west when we declined. 2 weeks later another offer came in for full ask but the tenant hasn't been responding to my agent's calls since Tuesday.
Should we bite the bullet and just offer the resi aspect of the property on a 6 month lease for $850pw? Based on surrounding properties, this seems to be the norm for a house of a similar build. Another alternative is to try and list the property with an agent with commercial experience in the area and on realcommercial.com.au rather than realestate.com.au (currently listed).
We would like for the building to be tenanted at settlement to alleviate any pressure induced by our loan repayments.