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Hi all,
Just wondering if anyone has invested in carspaces/carparks and what the yield is?
I am looking for a high yielding income producing investment.
What are the things to look out for when buying a carpark?
Regards Jason.
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
Just wondering if anyone has invested in carspaces/carparks and what the yield is?
What are the things to look out for when buying a carpark?
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....
Hi
Also, where are they advertised? Have Google but no luck unless none for sale.
Thanks.