There are a few forum topics about buying an IP in an industrial zone, but I guess this is slightly different. I think.
I am looking at a property in Geelong where the backyard fence backs onto a large-ish area that is designated Industrial Zone 1. I have looked into what can go onto an Industrial Zone 1 and it seems fairly normal (extensive animal husbandry, crop raising, etc.). There are also sanctions in place for preventing excessive emissions of pollution, noise, etc. and it seems okay to me, but I would like other experienced investors' opinions on whether there would be any potential future problems. I've had a pest inspection done and everything came back hunky dory too.
Thanks guys.Scott No MatesParticipant@scott-no-matesJoin Date: 2005Post Count: 3,856
Is the house within the industrial or residential zone? Having a factory use in the property behind/across the road is usually a big detractor affecting the sale price, rent etc – so why are you considering this property? Does the property have an upside of change of zoning or rezoning of industrial to residential?
Some industrial uses are fine eg light industrial but if you abut heavy industry there are noise issues possibly 24/7, trucks, parking issues etc.bugeye23Participant@bugeye23Join Date: 2012Post Count: 16
I have just bought a residential property in between 2 businesses and have converted it to an office….alot more money can be made renting as a commercial. have a think outside the box and see what you could do with it.
Thanks for your response.
The house is in a residential zone, and behind the property there are light industries on a large block of land. You wouldn't even know there was an industrial area at all because all the buildings in the industrial zone are low.
The upside is that the property is easily manageable and sits on subdivideable land.
I've never considered the rezoning strategy but I guess it's a possibility. How do I go about finding out about rezoning?