Secured $70,000 below asking price
- Classic example of worst property on the best street scenario
- Freestanding commercial building with space for approx 10+ cars on site, additional storage/workshop area and three street frontages
- Mixed use zoning allowing for a wide range of commercial uses
- This property was put on the market in very poor comsetic condition, however the upside for the buyer here was that with a fairly low key refurbishment - painting, floor coverings, blinds etc - the building will present to the leasing market as a very practicial option for a small business
- Expected return of 10+% annual net yield on completion (factoring in the refurbishment costs)
As part of the due diligence process for this purchase we helped our overseas based client with sourcing a number of quotes to ensure we could undertake the refurbishment within budget and start the works as soon settlement occured.
Looking forward to seeing the final product and results!
Please contact us for more information on this commercial property purchase in Toowoomba or to discuss our insights into the local market.
