True Geoff however the intent is to redevelop down the track to benefit from the rezoning. Such a substantial change to the asset and the likely need to borrow funds may be a breach of the trust deed.
Look at it this way:
if you don't buy this one (you intended to buy a cip anyway) you will still be paying rent to be somewhere.
rent will be paid to you (as income) not to some other LL.
you instantly have one tenant (lessening your risk) without having to pay a premium or undertake...
