Articles in Commercial Property

 

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Now we are seeing greater movement by building owners to enter into Green Leases, following the proposed amendments to the Building Code of Australia and the introduction of the new Mandatory Disclosure Obligations (both effective by mid 2010). This article highlights the various opportunities of green leases available to both property owners and their tenants. It also identifies some specific issues to be considered when entering into a “green” lease.

 

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There are positive signs that the Sydney industrial market has moved past the effects of the global financial crisis and looks set to improve on the back of strengthening import and export volumes, limited supply and increased demand from; tenants, owner occupiers and investors.

 

Damien Holliday Buyers Agent

When purchasing commercial property such as a service station site either for continued operation, or proposed redevelopment, it is imperative to complete Environmental Due Diligence (EDD) to ensure you are not acquiring a potential environmental liability leading to a significantly devalued asset. It is not just petrol stations you should be concerned about; it is any site which has an Underground Petroleum Storage System (UPSS). This includes tanks, pipes and bowsers at industrial sites, logistic centres, data centres, retail centres and some offices.

 

Caltex Service Station

Service station commercial investments typically offer the security of a strong lease covenant to a multi-national tenant and the longer term development potential for additional uses once the economic life of the site has run out. Most service station sites are located on major roads with excellent exposure and often are on corner sites with good car access and hence have strong underlying land value. Service stations are generally in the sub-$5 million price range making them more affordable to a range of smaller investors.

 

One of the most important aspects of a commercial investment property is the lease or leases. When buying a commercial investment property it is very important to review the commercial leases. Your solicitor may review the lease from a legal perspective but it is also important to review the lease from a commercial point of view.

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