How to find out if a property is commercial or residential zoned?

[jerrybee]

A garage in my apartment building is up for sale. It's huge, completely self contained with a little desk area...maybe 30-35sqm. My building is 100% pure residential, with no downstairs shops or cafes. Make no mistake, this could never ever be used for business purposes.

But the agent tells me it's zoned as commercial. This doesn't seem right does it? Wouldn't everything in there be zoned residential? I want to double check but I don't know who else to ask (assuming that he's wrong).

Where would I even start? I need to know because my mortgage broker told me it would be preferable if it was residential zoned because of lower rates, higher LVR, lower evaluation fees etc.

 

[westminster]

I saw that listing - very unusual property. Ring local council to check.

Wouldn't be residential as it doesn't meet any residential/habitable codes I think.

What were you thinking of doing with it? I'm wondering if the office area could be leased out to a small business who wants a single small office - does it have access to some common toilets/amenities through the door at the back of the garage bit?

Some good space in the garage bit to build some good storage.

 

[jerrybee]

What were you thinking of doing with it? I'm wondering if the office area could be leased out to a small business who wants a single small office - does it have access to some common toilets/amenities through the door at the back of the garage bit?

No common facilities. There's a gym but no toilets because it's really just a small makeshift room with a few bits of exercise equipment. Because of this I don't think it's feasible to use for a business. I have no idea what I'd do with it, it's just so unique I want it. And it being in my building is icing on the cake (I suppose the whole building is full of really unique apartments). Problem is I really don't want the lower LVR, higher interest of a commercial loan. They are expecting nearly 200k from it so yield would be shockingly low, especially if you consider studios in the same price range. I mean realistically you'd be lucky to get $150pw out of it. This would be an indulgence purchase and less of an investment I guess, so I would only get it if I could secure a high LVR loan at decent rates but I don't know if that will be possible if indeed it's commercial.

Some good space in the garage bit to build some good storage.

Yeah, would be awesome to build a little workshop in there.

 

[jerrybee]

Wouldn't be residential as it doesn't meet any residential/habitable codes I think.

What are regular apartment car spaces classified as? The ones they have separate strata? I know this isn't the same as a regular parking spot but it's close.

 

[westminster]

I assume the only thing you could do with it is rent it out as garaging and/or storage. I think yield will suck unless you can come up with something commercial which meets any zoning restrictions on it

ie
- short term rent it out to a car enthusiasts who want a location in the city to work on cars. Ie rent it out for 1mth slots
- rent out to some hipster band who wants to practice in cbd
- rent to hipster rich artist who wants to paint

 

[jerrybee]

Yeah as I said it would have to be an indulgence purchase...hum...I'll have to ring the council tomorrow to find out more.

 

[Colin Rice]

If you have equity in property/s you could do a cash out?

 

[jerrybee]

If you have equity in property/s you could do a cash out?

Via a line of credit? Is that how it works?

 

[Colin Rice]

LOC or SVR.

 

[D.T.]

LOC or SVR.

or TLA's

 

[westminster]

or TLA's

My fave is LRF - Little Rubber Feet - on the bottom of many items (esp IT stuff)

 

[Colin Rice]

or TLA's

A byproduct of dealing with banks is a fetish for acronyms.

 

[D.T.]

A byproduct of dealing with banks is a fetish for acronyms.

I wonder which industry has the most