Commercial Properties – The Value of Renovation and Revitalisation
With the increased interest in renovation of residential property and focus of TV shows, property expert commentary, mainstream media and social media showing us all how “easy” it is to increase property value and return through renovation and revitalisation, I am surprised that many potential property purchasers do not consider commercial property as just as “easy” and take on a renovation as a project.
Many Commercial Properties become obsolete, underutilise space, and are not commercially current to meet the target market for Tenants or Property Investors. These properties can be an excellent base for a renovation project and long or short term commercial property investment.
There are some particularly excellent examples of revitalised commercial property investments in many CBD, outer metro and regional areas. Along with many more opportunities for those who are savvy enough to recognise great projects.
Commercial and Residential Agents can offer some great opportunities for their clients in locating properties which are well and truly ready for a renovation and encourage a renovation and revitalisation project to be scheduled with potential for a long term excellent commercial investment.
Obviously there are a number of factors and other experts to consult before proceeding to acquire a potential “Reno” property and perhaps substantial benefits in how an investment can be purchased, funded for a project and then set up to provide exceptional return on investment (ROI). As responsible property practitioners we would always recommend our clients to seek advice from a legal, financial and other relevant advisers prior to considering a purchase and project.
Food for thought...........