Just wondering if any one knows much or has been involved with inner city car spaces as a form of investment? Ive just stumbled across them on the net and with a few quick calcs they look like an ok option (i could be wrong). Also would banks lend someone say 80% finance on one of these investments. My initial though is that they probably wouldnt.
Cheers!Hello Grant,
I have been interested in them from a cashflow point of view before too. I think the question I would ask a place selling them is there any strata, is there maintenance fees. Also what is the vacancy rate like?I hope you get some insights, it’s a good area to find out about
Hey Jo,
Thanks for your response. Gives me a bit of insite of what avenue to take when enquiring about this. Being a novice im not sure what you mean by "is there any strata" Ive tried to google it but would you mind elaborating more on that?
CheersHello Grant,
I guess I am thinking of “strata” as in apartments a quarterly cost, I think with car park it’s just called “annual outgoings”
actually I found a site called http://www.findacarpark.com.au and below is an example of some of the expenses related to car parks
“The actual annual costs for 08/09 were –council $557 , water $160 , strata levy $445. From 1/7/09 the annual council parking levy is $2000 pa which can be paid quarterly at $500 per quarter”
this was the expenses on a sydney cbd carpark probably cheaper in other parts of australia.looks like if you can find someone desperate to sell, you could get a good deal.
On a funding perspective you are back to around 50% lvr subject to minimum loan amount.
Richard Taylor | Australia's leading private lender
On a funding perspective you are back to around 50% lvr subject to minimum loan amount.
Richard Taylor | Australia's leading private lender
There was an interesting article on this in API magazine a couple of months back detailing the pro's and con's, although cant remember exactly which issue right now. I'll have a dig through at some stage and let you know if I find it.
i can't see the point in investing in carparks.
There are a few older threads here you may want to look at too.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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