Improvements to your property investment not only help to attract the right tenants, but can increase returns. The changes could be as simple as painting, adding or removing partitions, creating a faux feature wall, improving the heating and cooling systems, floor coverings or landscaping.
Depending on the value of your property, its location and the type of business it is, there are many amenity options you could use as enticements, such as offering free Wi-Fi to retail tenants, or installing a digital security system. If you own a small group of retail units, you could look at adding a small playground, seating or courtyard. These changes don’t have to cost the earth, but they will go a long way to increasing your investment value and appeal.
If your property is on a short-term lease, you could renovate while the tenants remain and negotiate a long-term lease with higher rental returns on the improved premises. Whether you are looking to invest for the long-term or a short-term ‘flip’, it still pays to maximise your property’s worth in as many ways as you can.
Another option is to review your property’s usage. Keep an eye on any rezoning opportunities. An example would be if you own a run-down warehouse in what is becoming a fashionable and sought after area, it could be transformed into a restaurant space. This would provide an immediate lift in value. The current trend in Melbourne’s outer suburbs has seen a popular rise in café-style breweries.
Maybe you are finding it difficult to find tenants for your multi-unit premises? An option could be to change your tenancy mix, thus creating a more alluring business balance to the area.
Property improvements can make a big difference to your bottom line by improving cash flow and your occupancy rate. Remember that HKC Property Consultants are professionals in assisting you to manage and improve your commercial property investment.
Need advice? Talk to the experts at HKC Property Consultants. We’re happy to prepare a strategy for your next lease or help you find new premises to invest in. Call now 03 9078 4794.