Do you have an example ? New or older build, just a one off near a shopping precinct, shop downstairs and apartment above, completely separate access, or shop with apartment ? I tried to get my parents to do some developments like this a few years back. Buy a block on a side st from a shopping precinct/strip. Develop with shops at ground level with apartments above. Asphalt yard with designated parking for all. They didn't go for it...... I still like it from a development pov
This is it if you want to see for yourself 4/30-32 Whitehall Street Footscray Vic 3011 - Flat for Sale #124729930 - realestate.com.au It's an entire apartment complex with a cafe and laundromat on the front. The building is old but in very good condition.
It's so small, it looks like the tenant has to dine in the bedroom! And that agent needs to proof read the ad!
They can't even be bothered to tidy up the place a bit and get professional photograph and floor plan done. It seriously undermines the agent's professionalism and I think hardly any experienced investors will want to deal with this agent. IMHO this property will have a high chance of noise issues (from the laundromat) and pest issues (from the cafe).
Not bad actually Poorly advertised, could make it a bargain Probably stable long term tenants, not in the sticks. I see potential in it
This was my experience when managing apartments over commercial, cockroaches from food outlets below, noise, accumulation of smelly rubbish at the back etc.
This - plenty of amenity impacts when living on top of shops. Take it from me, I used to approve DA's for Council's and now working for them in Compliance, I'm the guy dealing with the complaints (noise, drunk patrons, people outside smoking, vermin, cooking odours) I would never live in one but I wouldn't hesitate to buy one for an investment if the numbers stack up. Also- be very very careful and make sure you check that upstairs has approval for residential and that a CC and OC has been issued. Not uncommon for them to be not approved and the ceiling of the shop is not appropriately fire rated, Council could serve an order to cease use for residential, it's considered high risk and they would not hesitate to ruin your life in order to save your life (excuse the pun)
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