Property in close proximity to industrial estate

[linglc]

Hi all,

Just wanting to find out everyone's views on buying an investment property that is backing to an industrial estate.

I am currently looking at an investment property in Beenleigh, Queensland, and it appears to be good in all aspects, except for its proximity to industrial estate, and in fact that it backs onto empty lots of industrial estate land (which are currently for sale).

Currently, the existing businesses on the industrial estate (further away from the investment property I am looking at) are plumbing supplies, tile supplies and a truck repairs business.

However, the industrial estate lots, just behind the investment property I am looking at, are empty and for sale, and it will be impossible to know what businesses will be set up just behind the fence of the investment property.

What are the views of everyone on the location of the investment property? I am still deciding whether to further negotiations or walk away.

Regards,

linglc

 

[linglc]

Hi all,

Finally decided to continue with negotiations on the property. Contract concluded after some haggling.

Some brief figures of the property:-

Location - Beenleigh
Area - 654 sqm (house with granny)
price - $358,000
Rented - main house ($265) & granny ($190) = $455 / week
Age - 17 years (some depreciation remaining)

Regards,

linglc

 

[Propertunity]

That's a nice 6.6% gross yield. Good work.

 

[willair]

Hi all,

Finally decided to continue with negotiations on the property. Contract concluded after some haggling.

Some brief figures of the property:-

Location - Beenleigh
Area - 654 sqm (house with granny)
price - $358,000
Rented - main house ($265) & granny ($190) = $455 / week
Age - 17 years (some depreciation remaining)

Regards,

linglc

Looks good on paper,ask the agent if the Granny flat is in accordance with the following requirements,is the overall internal height and floor levels set to Council certification,and ask for written confirmation of the receipt provided by the local council,ask if there is firewalls or acoustic barriers
between both buildings,ask if the refuse/recycle is set up for both tenants
and have a place to store them,ask for a onsite drainage and stormwater
plan,and is set with a lawfull point of discharge,ask how many water gas
elec meters are on the property and are seperate metered to both the house and granny flat ,also ask if there is any Asbestos in either building...
Don't make any offers till all the above questions are answered..good luck
willair..

 

[linglc]

Looks good on paper,ask the agent if the Granny flat is in accordance with the following requirements,is the overall internal height and floor levels set to Council certification,and ask for written confirmation of the receipt provided by the local council,ask if there is firewalls or acoustic barriers
between both buildings,ask if the refuse/recycle is set up for both tenants
and have a place to store them,ask for a onsite drainage and stormwater
plan,and is set with a lawfull point of discharge,ask how many water gas
elec meters are on the property and are seperate metered to both the house and granny flat ,also ask if there is any Asbestos in either building...
Don't make any offers till all the above questions are answered..good luck
willair..

Hi Willair,

Thanks for the suggestions of things to look out for, as I have missed a few of your suggested queries to ask.

The granny was built together with the main house, and I have made assumptions that the specs of the granny has been approved by Council. However, I will ensure that my solicitor checks to ensure this.

With the electricity meter, I have made enquiries and have ascertained that there are two meters on the property. I do need to ensure that that is the case when the building inspector does the inspection.

Could I just ask, what is the significance of separate refuse bins/recycle bins for each tenant? As this is the first time I am having an investment property with a granny, I am not aware of issues arising out of shared refuse bins, or having separate ones.

Thanks for your comments.

Regards,

linglc