10 Tips for Buying Smart Commercial Property at Auction in 2017
PREPARE WITH EXTENSIVE RESEARCH
FIND OUT IF YOU CAN ABOUT THE VENDOR’S CIRCUMSTANCES
GETTING YOUR FINANCE READY
SETTING A PRICE LIMIT
SEATING IN AN AUCTION ROOM OR ONSITE
YOU SHOULD HAVE THE CONTRACT CHECKED BY YOUR SOLICITOR
NO BID UNTIL THE RESERVE IS REVEALED BY THE AUCTIONEER
BIDDING AFTER THE FINAL VENDOR BID
TRY TO AVOID THE AUCTION ALTOGETHER -
Australian engineering and construction company John Holland is on the brink of its first development site acquisition, NSW Property’s 3.2-hectare freehold mixed-use development site in Macquarie Park in Sydney’s north-west.
It's understood the firm bid was about $90 million for the site at 45-61 Waterloo Road, which would be sold as a sale and leaseback to the NSW government.
Landlords, Tenants and Owner Occupiers in Sydney's lower north shore take note!
The 13-kilometre railway line will be closed for Line upgrades to convert the current line to carry single-deck trains, as part of the $20 billion plus metro railway from Rouse Hill in the north-west to Chatswood.
Macquarie Park being the second largest business precinct in Sydney metropolitan after the Sydney CBD, relies heavily on the rail line, helping transport around 40,000 commuters each weekday making it an integral part of people’s lives who work, live and learn (Macquarie University) in the area.
Local Council and Multinational companies including commercial real estate agents who work in the corridor are concerned that there is little information to date on what measures will be taken to alleviate thousands more cars on the road in peak hours Monday to Friday.
It is now commonly accepted that the tightening vacancy within office markets are having a trickle down affect into various other sectors of property.
Strata office space is one sector of our market that is going through a significant resurgence and acceptance amongst tenants as a direct result of the rising cost of office space.
Like office market rates per m², strata rates per m² have increased drastically as a direct result of: -
The Commonwealth Government has secured 1700 hectares of land around Badgerys Creek declaring it as “Western Sydney Airport Site”- A western Suburbs Airport has been talked about since 1940 and decades in the making. Badgerys Creek will reshape the rest of Western Sydney for good or bad?
Under government development plans, the new airport will be able to handle about 10 million passengers a year when it opens in 2025, making it a similar size to Gold Coast Airport at Coolangatta.
It seems 2017 has seen a continuation of strong tenant demand and increasing office rents.
Office markets are still reeling from the effects of substantial stock withdrawals that has seen office space permanently lost to alternative uses, namely residential conversions.
In some cases this has seen some suburban office markets such as Burwood & Ashfield dwindle away to absurdity.
The latest Commercial Insights report by Raine & Horne confirms commercial property markets such as Sydney’s CBD are being impacted by new infrastructure projects.
“High sales volumes are being driven by low interest rates coupled with intensifying demand from self-managed super funds, overseas investors and business owners looking to purchase their premises,” said Raine & Horne’s executive chairman Angus Raine.
Raine & Horne Commercial has been appointed by The Benevolent Society as its exclusive commercial agent to secure a number of key sites across NSW.
“The Benevolent Society is Australia’s oldest charity and securing this well-respected institution as a client is a remarkable appointment for us,” said Angus Raine, Executive Chairman of the Raine & Horne Group.
Raine & Horne Commercial has been engaged by The Benevolent Society on an Exclusive Brokerage Agent basis to assist in their search for premises to occupy in multiple locations across Sydney metropolitan.
If you own or manage an office building you may be affected by changes to the Commercial Building Disclosure (CBD) Program coming into force from 1 July 2017.
From 1 July 2017, the mandatory disclosure threshold on commercial office space will be lowered from 2000 square metres to 1000 square metres. The effect of this change is that owners and lessors of smaller commercial office buildings may need to disclose the building’s energy efficiency when they sell or lease their property after this date. Information on the CBD Program can be found here.