An “exceptional” property… with a price tag to match! Well, that’s according to realcommercial.com.au.
It’s the kind of simple typing error that happens all the time. One stray number can blow everything out of proportion, and for the owner of the former Gippsland Secured Investments building the sudden revaluation might come as a bit of a shock.
Commercial property website realcommercial.com.au, run by the same group as popular home sales website realestate.com.au, has been advertising the lease of 64 Smith Street Warragul’s ground floor for $700,00 since 30 January.
And that’s not including GST and outgoings.
Does that seem a bit steep to you? Even considering the “prominent position” of the 173m² offices on “the busiest CBD street” of Warragul? That’s because the actual rental price is $70,000 pa, as listed by local real estate agents Clark First National.
But how does the $700,000 misprint/$70,000 actual price tag compare with the rental fees of other properties around town?
When the Bunnings Warragul building, 9-10 June Court, was listed for auction its (remarkably precise) approximate rental value was listed as $395,992 pa. That included the Bunnings lease until at least 2022 and all 10,510m² of land and buildings.
A business 4 zoned factory a little closer into town, 161 Queen Street, could be yours for $45,000 pa plus GST. That’s the old Chris Lieshout Motors block.
Or how about 34 Smith Street? Right in the centre of town, opposite the War memorial in fact, with 90m² floor space on the same block as the former GSI building with better access to parking for $29,000 pa plus GST.
It’s amazing what being on a corner near a post office can do for property values.
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