wondering if anyone going for this one ? they have 4 sale at once.
http://www.realcommercial.com.au/cg...=&fmt=&header=&cc=AU&c=98680718&tm=1285994507
http://www.realcommercial.com.au/cg...=&fmt=&header=&cc=AU&c=98680718&tm=1285994507
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wondering if anyone going for this one ? they have 4 sale at once.
http://www.realcommercial.com.au/cg...=&fmt=&header=&cc=AU&c=98680718&tm=1285994507
I think they're being creative when they say 'Nepean Hwy exposure' - its on Station Street, not the highway. There is a crossing (over the railway) from Nepean Hwy, but if you miss that one there's ones at Edithvale Rd or Aspendale.
Shopping in the area is dominated by Woolworths at Mordialloc and Chelsea - there's no Coles between Frankston and Mentone. The Woolworths competition servo is at Chelsea - about 2km away.
This strip has a fair number of former servos (mostly on the highway rather than Station St). Some are eyesores but have alternative uses (some quite low-value) or have been developed for housing. This could strengthen those that remain - I don't know.
Station St isn't a highway but obviously has enough passing traffic for a servo. There are not a lot of largish commercial sites along Station St, as the street is largely residential (much more commercial along Nepean Hwy). Those non-residential uses along Station St are things like fire stations, churches and child care centres which don't have customers as coming and going as much as retail. The retail vacancy rate in the area is very high, with small shops most affected.
The asking price could possibly be justified by the yield.
However $3m+ for the same land area as two house blocks on a busy road on the wrong side of the tracks (for the beach) does not look great value, given that a house on the 'wrong side' will leave much change out of $1m.
Townhouse buyers in this area pay stupid prices for the tiny land area of their purchase, and for such development this land could work. There's likely be bay glimpses from a second storey.
But to make a big profit out of a townhouse sale price of (say) $500k, one might want to cram nearer 20 on this block than 10 (ie $150k land per unit rather than $300k). There is a large townhouse type development nearby on Edithvale Rd so there's a precedent that could be pointed to.
But to make a big profit out of a townhouse sale price of (say) $500k, one might want to cram nearer 20 on this block than 10 (ie $150k land per unit rather than $300k). There is a large townhouse type development nearby on Edithvale Rd so there's a precedent that could be pointed to.
It says GST exclusive because the sale is "a going concern"....
....meaning, that one entity owns the freehold title - the Landlord, and one ................................................
Clear as mud ??
I'd concentrate on the Lease, the location and the financing....in that order.
Get those 3 right, and you're laughing.
P&B are very minor and will be dealt with as issues in the Lease.