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Although I would say many, many businesses would regret it later that they didn't buy their building when they had the chance. As we all know, business is great for cashflow but it is a cyclical thing - most businesses don't last for that long.

I think he means owning himself / some other entity related to himself rather than directly having the business owning it.

If you got enough cash then go for your life but you can't borrow to do it.

I think the more important prohibition would be the SIS Act which means SMSFs can't even borrow funds under law for development even if the trust deed permits it.

It's not a bad idea as long as you think you will be in that premises long-term.