Carparks/Carspaces
- Thread starter jingo
- Start date
I'd probably only be able to chip in small advice.
A thing to look out for would be area's of high employment and limited space eg. CBD's as this creates a demand for them, i believe generally a company may lease them off you for their employee's.
Their may be a strata type fee as well and council fee, look into those. But you would want something in the 8/9% region atleast, presuming you are using equity backed by resi property so you got the cheap rates on burrowing
Hi Ridin-High,
Thanks for your reply. Your ideas are helpful regarding the strata fees and council rates/charges etc. I was thinking of a yield at least 8-9% and preferably 10% as I am planning to use equity backed by residential property.
I shall keep looking into it.
Regards Jason.
Hi Jingo,
My partner and I have one in the Paramount centre in Melbourne. Im sure we pay rates and water charges. There is also a small charge for the sinking fund maybe $50 a year. There is a small amount of depreciation to deduct.
It was purchased 9 years ago for 60k with no payment needed for 2 years. Returns about $4800 a year. The lease is up in Dec this year so im not real sure what will happen they (centre management) have an option of another 10 years but I would imagine they will try to get the rent on it down......................not sure about this I just have a feeling.
My partner and I have one in the Paramount centre in Melbourne. Im sure we pay rates and water charges. There is also a small charge for the sinking fund maybe $50 a year. There is a small amount of depreciation to deduct.
It was purchased 9 years ago for 60k with no payment needed for 2 years. Returns about $4800 a year. The lease is up in Dec this year so im not real sure what will happen they (centre management) have an option of another 10 years but I would imagine they will try to get the rent on it down......................not sure about this I just have a feeling.
The wife and I own 7 in the CBD. Came 'free' with the property. When we bought it 18 months ago, they were renting for $ 350 per carbay per month.
We just rent reviewed them, and the Tenant now pays us $ 620 per carbay per month.
52K per annum, or a grand a week for a lump of asphalt out in the open. Too easy. Can't wait for the next review.
Make sure they are included and attached with a nice big property, then you don't have to pay for them as such.
i was looking into a vacant plot of land in the Osborne Park Commercial area.
i ws just going to asphalt it and charge $8.00 a day (automated) per bay - i worked out i could get 55 carbays on it with some landscaping and shade trees.
it a gold idea - but i was young and had ZERO cash. making $440 a day on a full carpark (trust me it'd be FULL - so many cars were sideswiped by trucks in those little streets) was $2200 a week which was CF+ by about $1200pw at the old 1999 prices.
*sigh* .....hindsight....
i ws just going to asphalt it and charge $8.00 a day (automated) per bay - i worked out i could get 55 carbays on it with some landscaping and shade trees.
it a gold idea - but i was young and had ZERO cash. making $440 a day on a full carpark (trust me it'd be FULL - so many cars were sideswiped by trucks in those little streets) was $2200 a week which was CF+ by about $1200pw at the old 1999 prices.
*sigh* .....hindsight....
Was that anywhere near Jon Sanders Drive by any chance? There is a MASSIVE shortage of car parking for Hasler Road at the moment...problem is, land in Osborne Park is a little too exy for that use at the moment.
sure was - in front of the new Dale Alcock building there. i used to live on Herdsman Parade andused to walk past it every day thru that little park next to the Montesori.
