‘Church’ commercial property country NSW (Belinda Smith)

Project Description

2007 Purchased at $398,000

2014 Renovation spend $25,000

Current Value $490,000

Rental income before renovation $2,200 per month

Rental income now $3,220 per month

This commercial building is located in a NSW country town and comprises 3 x offices/shops downstairs and 2 upstairs residential fully furnished units. One of the upstairs units was in terrible condition and so only the living area could be rented out. In 2015 a new bathroom, kitchen and furniture fit out of this unit was completed costing $25,000. It was renovated to suit the demographic – railway workers, miners, geologists, tradesmen – with commercial grade flooring and laminate kitchen cabinetry. It was immediately rented for $250 per week, adding $1,000 per month to the property’s rent total.

Project Details

Status Completed

Type property, real estate