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Yeah a bit late for you, but maybe for others considering the same thing. I wonder how much experience your buyers agent had with commercial over residential. As you say, at least you have your legal rights you can try to enforce if needed.

What is the zoning? If things don't improve can you convert it to residential units?

Do you have any borrowings against the property or was it a cash purchase? At this price point I feel you are better off with unlisted property trusts, private property syndicates or A-REITs if you want exposure to commercial property. Even bank shares would be better for predictability and...