House on commercial property

Discussion in 'What to buy' started by Alex123711, 1st Jan, 2018.

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  1. Alex123711

    Alex123711 Well-Known Member

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    There are a few old QLDER houses I've come across that are marked as 'commercial' land. Just trying to find out the pros and cons of this situation. From looking into it I think the houses are fine to stay as they are but any new build would have to be a commercial property?
     
    Alex123711, 1st Jan, 2018
    #1
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    dunno bout the build side of things,but finance can be tricky unless you can get onto one o the majors.

    Many of the smaller lenders dont like the comm zoning for resi lending

    ta
    rolf
     
    Rolf Latham, 2nd Jan, 2018
    #2
  3. Scott No Mates

    Scott No Mates Well-Known Member

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    The property may have 'existing use' rights ie the property may have been rezoned at some stage but the property has continued in its previous use ie as a house. Existing use rights exist for a couple of years after the previous tenant vacates however it must have been an approved use at the time that the DA for that use was submitted.
     
    Scott No Mates, 2nd Jan, 2018
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  4. Alex123711

    Alex123711 Well-Known Member

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    Thanks for replies, yeah the houses are quite old so would have been rezoned while they were still on there, there's actually quite a large amount of these types of properties in this location (Cairns) I'm just worried it will have a negative effect down the road or when trying to resell etc.?
     
    Alex123711, 2nd Jan, 2018
    #4
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