Hello Rixter.
No I didn't Steve.
Still plenty of headaches and dramas to go yet player before this one is bedded down fully.
Ohh! Rarely straight forward as you've discovered. Stick with it as I know you'll do. The gross yield is fat and should compensate for the obstacles encountered.
It's our first property to fall under the Retail legislation, and will definitely be our last. It's better than the residential legislation but sux big time chocky rocks nonetheless. The Leasing bit is a pain, being forced to pandy to the Tenants and treat them with kids gloves is pathetic.
Not the triple net leases to which you are accustomed. Retail tenancy laws are aimed (in part) to protect mum and dad small business owners (sometimes from themselves if they fall prey to the statistical failures that small businesses face in the first, and ensuing, five years of their life). A bit like glorified residential at times. If I ever bought another retail it would need to have mixed use applications.
Out of our 17 inherited Tenants, only two have actually read the Lease. Sounds about the right ratio given my experience of people and legal documents.
Little do they know that their landlord has read all 17 of them 
The day to day grind will be relieved when we hire someone to babysit the place full time....can't wait for that day.
Within 2 weeks of purchasing, the 3rd and 5th biggest Tenants walked out. The 3rd biggest guy had another 11 years to go on their Lease, we are still chasing him. Promising over 1m in rent to the Landlord and then walking away has consequences. Fortunately he's given valuable caveats over substantial horse properties, so if he keeps ignoring us, we'll probably end up owning a horse stud.
Noice diversification to your portfolio
The 5th biggest guy lease ran out and he just didn't renew. Coolo. His choice. He decided to just bugger off and not pay his last 2 months rent and outgoings, so we've tracked him down and he is paying the lot plus penalty interest imposed at 13% pa. He has promised to pay us back at the rate of $ 200 pw, so with penalty rates of $ 150 pw, he'll be a while chipping away at his debt. It's like we've bought a bond paying 13% plus capital repay. Coolo.
There is some benefit to having multi-tenant assets, in just such situations, you still have your income hedged by the remaining guests
We've hired an architect and are in the process of refurbing the place. Once finished, should
add a further 250K pa in rent, which should add 2.5m to the value of the property. We've given ourselves a full year to complete the project. Beats working for a living....
