$700k pa rental in Warragul? That doesn’t add up
 Baw Baw Property Blog  

By // 01:52, Tuesday 4 February 2014

bad price listing warragul the warragul citizen preview

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.


ADVERTISEMENT

bad price listing warragul the warragul citizenDoes 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.

 Click for the latest Baw Baw Property Blog  

One response to “$700k pa rental in Warragul? That doesn’t add up”

  1. Joel says:

    I saw this and nearly fainted! Then I checked the Clark site and was a little relieved, but still shocked at how expensive it is. The floor above that went for ~$24000pa so I was expecting between 30-40k but 70k is overkill. There are plenty of other premises available for a much lower price tag then this. The property at Suite 3, 6A Victoria Street, 6 offices, boardroom, storage rooms etc is going for $28,000pa in the main street of Warragul.

    My 2c