Investing in the commercial property market is a long term venture. You’ll have your investment for many years, and you don’t want to rush into any decisions. When you’ve found a property that feels like a good fit – how do you know for sure? Our commercial property checklist has eight questions to ask yourself before you commit to purchase.
- Is there a high-value tenant?
Having an anchor tenant such as a popular retail chain or supermarket brings in foot traffic. Customers who visit for the anchor tenant are likely to visit other businesses in the area. Smaller tenants are more likely to choose a building with a high-value tenant. For example, the Woodvale Medical and Professional Centre (WMPC) will feature an IPN Medical Centre to complement the other specialty health services in the building.
- Is it a strategic location?
Visibility, accessibility and a corner location are three of the standout features of a strategic location. Does the building you’re considering have these? If so, it’s a smart investment.
- Is the building fit for technology?
Modern offices require plenty of technology. Find out if your building is tech-ready in terms of power sockets, power supply and internet. Newly developed buildings frequently meet these criteria.
- Is it attractive to tenants?
To be a pleasant working environment tenants need access to parking or public transport, food and retail services. These are the features which will make tenants stay for the area, not just the building itself.
- Does it have curb appeal?
While the above amenities make it pleasant to work in, curb appeal is about how attractive it is from the outside. Contemporary building designs tend to age well and be attractive to various tenants over time.
- Is the building in good condition?
Have you done a thorough walkthrough? With new buildings, this is less of a concern, as they’ll be in pristine condition. But with older buildings, make sure you’ve examined it up close to avoid disruptions to your business.
- Does it comply with local zoning laws?
No investor wants to struggle with council obligations after they’ve purchased their property. Find out details of the zoning laws first and make sure they’ve covered. New buildings are unlikely to have this issue due to compliance with stringent planning guidelines by the local Council.
- Do the surrounding buildings add value?
As with residential property, commercial investments are all about location. What’s around your building? Do these services add value to the area or not?
A commercial property that checks all the boxes
WMPC is a new development catering to medical and professional services. With its strategic location, a secured major tenant and existing shopping centre – it has all the features for sound commercial property investment. Submit an enquiry on our homepage to learn more.