lmao you guys are funny.
Tomorrow I'll offer them 80m, take it or stuff it.
Anyone want in?
Properties I can't have
- Thread starter Belu
- Start date
lmao you guys are funny.
Tomorrow I'll offer them 80m, take it or stuff it.
Anyone want in?
the answer would be stuff it.
do you have any idea how hard it is to find office space in Perth? as a tenant looking for new digs I can tell you it is a nightmare. best solution I can come up with is to take short term space in someone elses development site till they doze it in 18 months and then take up residence in the office block we are about to start on. at $12k/sqm it's an expensive home but it beats what you have to pay for the hovels out on the open market
I reckon they'll invite me for a drink & pay my expenses.
They were happy to take 107.5, but two buyers said "stuff it" after due diligence and a previous valuation of 106.7m.
This simply means it ain't worth that much.
Only a sucker (or a Mr Bond) would offer that much, but there are some even at these prices.
They were happy to take 107.5, but two buyers said "stuff it" after due diligence and a previous valuation of 106.7m.
This simply means it ain't worth that much.
Only a sucker (or a Mr Bond) would offer that much, but there are some even at these prices.
I'm no expert but it has annual rent reviews so it's hard to imagine the rent is too far off market. I notice it got passed in at auction previously so there is evidently some disagreement about value. I didn't go to the auction so don't know the figure. It's a prime position in Hobart - central and easy to get to for the whole western shore...
With that tenant and lease it's hard to imagine the yield going over 8% in Hobart (probably less than this but looking for upside here...). In that event we would be looking at circa $8.5m, particularly if the usual buyers have evaporated.
Normal comm. landlords aren't attracted to the Bunnings warehouses as the Leases are written by the Wesfarmers legal team.....and therefore they are weighted toward the Lessee....very unusual and not very attractive.
The Landlord actually has responsibility for quite alot and has to pay for quite a few things...perish the thought. The Wesfarmers legal team are not negotiable. They sit there until a bunny comes along and agrees to their demands.
The other thing is the term. As they sell the asset in the first place, the Tenant dictates the initial rent (read low) and then writes themselves something like a 10+6+6+6+6+6 or something horrendous like that.
Market reviews for sure at option take up - that is the only bright spark on the horizon for the hapless Lessor. During the first 10 year term, it's usually 3% or something pitiful like that. Get into year 7 or 8, and you'll find you have a demanding tenant on your hands paying woefully under market rent.
Land is good though....but if you can't access it for the next 40 years....well, 'nough said.
The Landlord actually has responsibility for quite alot and has to pay for quite a few things...perish the thought. The Wesfarmers legal team are not negotiable. They sit there until a bunny comes along and agrees to their demands.
The other thing is the term. As they sell the asset in the first place, the Tenant dictates the initial rent (read low) and then writes themselves something like a 10+6+6+6+6+6 or something horrendous like that.
Market reviews for sure at option take up - that is the only bright spark on the horizon for the hapless Lessor. During the first 10 year term, it's usually 3% or something pitiful like that. Get into year 7 or 8, and you'll find you have a demanding tenant on your hands paying woefully under market rent.
Land is good though....but if you can't access it for the next 40 years....well, 'nough said.
Like JIT, I wonder how much the property worths?
Yes indeed!
Whatever they are asking is always too much.
Just ask yourself why would they be selling it? They obviously dont think it will increase in value, and likely have an optimistic valuation on it.
And they may want a lower (or better conditions) rent after the first 10 yrs.
And very few potential renters.
That looks good Steve,
Close to a train station also. Is that retail/office around there or light industrial. I see shiny roof tops on satelite, but can't distinguish what the buildings are.
Could also have flexibility as development site for mixed use in future.
You're a local, do you think 950-ish would buy it?
Michael, it's a good area and Port Rd is a very busy location. Fair few car yards along the strip although spread out because it's such a long road. Leads directly to Port Adelaide and all the new development happening down there.
They've said $900k as a price guide. They had it on the market for a short period of time last year also at $900k, and has been listed since beginning of June again at this price. Does look good with tenant in place already and a good main road about 3.5km (direct line) to the CBD.
Haven't been to the site myself, but next door is a mix of strata titled retail I think. Residential behind, but would be a great opportunity to increase the size if you get one or both of the houses on the rear boundary in the future.
Would love to buy it as I can afford the holding costs (even at a commercial rate of 11%), but I don't have the equity available due to my latest purchase last month. If you want a JV partner, let me know!
Yeah.......all those lovely yummy deals out there
I know the road. Used to visit friends in Adelaide frequently when I was younger, around Seaton, Queenstown, Port, and Semaphore.
Steve, I'm looking at getting a title back next year and have plenty of loans to keep me busy. Sitting on my hands at present playing a "watch this space" approach to credit and lending criteria. I'm thinking things will squeeze some more before the grip loosens. Always willing to learn especially about unfamiliar locales, so thanks for sharing.
I don't have anything in SA Yet. Always looking to diversify the land tax burden. Depending on zoning there's more future value in the land alone seeing as it's that close to CBD.
I know the road. Used to visit friends in Adelaide frequently when I was younger, around Seaton, Queenstown, Port, and Semaphore.
Steve, I'm looking at getting a title back next year and have plenty of loans to keep me busy. Sitting on my hands at present playing a "watch this space" approach to credit and lending criteria. I'm thinking things will squeeze some more before the grip loosens. Always willing to learn especially about unfamiliar locales, so thanks for sharing.
I don't have anything in SA Yet. Always looking to diversify the land tax burden. Depending on zoning there's more future value in the land alone seeing as it's that close to CBD.
Very wise words. I'm hoping that's the case as well, my time frame to get into commercial is 1-2yrs or there abouts.
This could be quite interesting to someone.
It 2 blocks of land on Canterbury Rd Campsie totalling 1250m2, on one block there is a 4 pack taking up less than half of the block towards the front.
Plenty of room for some more development there and still getting some kind of a return
It 2 blocks of land on Canterbury Rd Campsie totalling 1250m2, on one block there is a 4 pack taking up less than half of the block towards the front.
Plenty of room for some more development there and still getting some kind of a return
If I had my deposit saved up already I'd be looking at this one
close to rail and fairly cheap
http://www.realestate.com.au/cgi-bi...c=&c=30395765&s=qld&snf=ras-bri&tm=1218168880
I'd be looking at this oneclose to rail and fairly cheap
http://www.realestate.com.au/cgi-bi...c=&c=30395765&s=qld&snf=ras-bri&tm=1218168880
Hey Shady,
it's had over 700 hits (and that's just on this listing). How long's it been around? They don't say if they are strata titled. Looks like it's close to a busy intersection. Doesn't look to be too far from the train and buses probably abound. Obviously a tragic yield to be left as is.
BTW have you reaearched the zoning and what might potentially be achieved with the rest of the paddock? Certainly a nice one to value add.
Any Queenslanders feel like hazarding a guess as to what this is worth?
You could probably sink $50-$100k into it bringing it up to scratch. Whats Annerly like as a suburb? Being only 6km from Brisbane CBD and easy transport it should have decent prospects.
You could probably sink $50-$100k into it bringing it up to scratch. Whats Annerly like as a suburb? Being only 6km from Brisbane CBD and easy transport it should have decent prospects.
Next door to a large Commission Housing block. So you have a pretty good idea of the type of clientele you would get. Not my cup of tea but could possibly be CF+ if tightly managed. Would be a lot of work though - not a set and forget kinda deal.
Edit: I would guess its worth 500 - 600k depending on the condition of the flats. Google street view suggests they are pretty bad shape.
Definitely worth a telephone call to the Deen Brothers!
Cheers
LynnH
P.S. For those interstaters, the Deen Brothers excel at knocking buildings (especially heritage ones) down in the middle of the night!
I would like to be able to afford something like this. I would live in one and tightly manage the rest.
But you would need to do some repairs first I reckon otherwise the tenants would be just TOO dodgy
