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frankdowlingau · 6 months ago

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Understanding Property Valuation in Essendon's Commercial Real Estate Market

In the bustling realm of real estate, where every square meter holds value, understanding property valuation is akin to deciphering a complex code. Nowhere is this truer than in commercial real estate Essendon market, where properties are not just buildings but investments with dynamic worth. Let's delve into the intricacies of property valuation in Essendon, unravelling its mysteries and shedding light on its significance.

Essendon, a vibrant suburb in Melbourne's northwest, boasts a diverse commercial landscape, ranging from retail spaces to office complexes. However, determining the value of these properties is not a one-size-fits-all equation. It's a nuanced process influenced by myriad factors.

Location reigns supreme in Essendon's property valuation saga. Proximity to transport hubs, amenities, and demographics all play pivotal roles. A retail space nestled in the heart of the commercial district commands a premium, whereas an office building on the outskirts might see fluctuating values. Understanding the pulse of Essendon's neighbourhoods is crucial for an accurate valuation.

The real estate in Essendon isn't just about bricks and mortar; it's about potential income streams. Rental income, lease terms, and vacancy rates are integral to property valuation. A bustling retail space with long-term leases spells stability and higher valuation, whereas high vacancy rates can deter investors. Like any other, Essendon's commercial real estate market thrives on the promise of returns.

Moreover, the condition and age of a property influence its valuation. A well-maintained building with modern amenities appeals to discerning tenants and investors alike. In Essendon, where historical charm meets contemporary demand, properties boasting heritage value and modern conveniences often command premium prices.

Market trends and economic indicators paint the canvas of property valuation in Essendon. Fluctuations in interest rates, market demand, and economic growth sway property values. Understanding these trends requires vigilant monitoring and adept analysis. Essendon's commercial real estate market is a dynamic ecosystem were staying ahead of the curve is imperative for investors and valuers alike.

Technology has revolutionised property valuation, offering tools and insights previously unimaginable. The commercial real estate Essendon market embraces innovation from AI-driven analytics to virtual tours. These technological advancements empower valuers to make informed decisions, ensuring accurate and timely property valuations.

Regulatory frameworks and zoning laws add another layer of complexity to property valuation in Essendon. Understanding planning regulations, zoning restrictions, and compliance requirements is paramount. Navigating these legal mazes requires expertise and diligence, safeguarding investors and valuers.

Essendon's commercial real estate market is not just about numbers; it's about narratives. Every property tells a story, from its inception to its current state. Valuers must unravel these narratives, deciphering the underlying factors shaping each property's value.

Understanding the property valuation of commercial real estate Essendon market is akin to unravelling a captivating mystery. It's about deciphering the nuances, analysing the trends, and embracing the dynamics of this vibrant ecosystem. Whether you're an investor, a developer, or a valuer, navigating Essendon's commercial real estate market requires expertise, diligence, and a keen eye for opportunity.

#Best Real Estate in Essendon #Real Estate #commercial real estate Essendon

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todaypress · 23 years ago

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Seaside Shambles

Law suits, money shortages and strong-arm tactics have dogged the sea baths development in Melbourne on the evening of April 21 this year, after nearly a decade of controversy and bitter legal battles, there was a mood of celebration at the sea baths on the St Kilda foreshore in Melbourne.

The owner of the project, Singaporean businesswoman Jannie Tay, basked in the television lights. Spanish arches, white domes and bikini-clad models provided an exotic backdrop to the opening of the baths.

The project manager and a minor equity holder in the sea baths, Bruno Gatzka, says: "It was a night of such positive energy." Gatzka, the founder of Strarch International, a steel construction company, and an investor in the plastics industry, had been working on the project for four years. Seven tenants had signed and Gatzka estimated the site would be ready in three or four weeks for the other 14 retail tenancies to be fitted out. Then, he says, he would have enjoyed his share of rental income from the car park and tenancies.

Two days later, about 15 men in suits swarmed on to the baths site and Gatzka

was told to leave. He was replaced by a new project manager. Gatzka says his cell phone was ringing continually, with hysterical staff at his office in nearby East St Kilda saying that men were drilling out the locks and trying to force their way in.

Gatzka says that during the next two days, police were called twice to his office, as security guards tried to remove documents. At times, the guards prevented staff from leaving and police had to intervene. Gatzka says: "They were Tay representatives. It was like a military coup except this was Australia, not Asia." Michael Theo, owner of the property agent Collins Commercial and Industrial, which was handling the leasing of tenancies at the baths, saw the drama unfold. He says: "I have never witnessed such behavior. It was frightening."

Gatzka says the Tay representatives wanted documents on projects that he and Jannie Tay had been involved with during the past four years. Some of the documents show that Tay, who has been hailed by the media for rescuing the sea baths from receivership, actually caused the receivership in 1998. And the year before, Tay was instrumental in the collapse of the purchase of the sea baths by another consortium of investors.

Gatzka also believes that the Tay representatives were trying to find evidence of wrongdoing when he was project manager of the sea baths, in order to avoid paying him a debt of $8.7 million. He says the money comes from his 6.6% equity in the project, given to him by the former owners, Hannah and Alexander Friedman, instead of settling a debt. It also includes his unpaid fees over four years of running the project, and money owed for bills he paid on the project. Gatzka says: "I am taking action to recover that money."

Tay denies she owes Gatzka $8.7 million. "Why would I owe him $8.7 million? Let him go to court to get the money." Her sister, Be Be Choy, who is now running the project, says: "We put so much money into the building. What will it cost if we pay that [Gatzka's] bill?"

But the $8.7-million claim by Gatzka has been supported by the former managing director of the sea baths project, Nigel Hutchinson-Brooks. A town planner and valuer who has been a senior executive at Hudson Conway, Mayne Nickless and other public companies, Hutchinson-Brooks was asked by Tay representatives to resign a month before Gatzka was evicted.

Hutchinson-Brooks says: "I found out recently that the Tays began planning to throw Bruno off the site last November, when I was still managing director. I think they got rid of Bruno in order to try and find evidence of wrongdoing so they could avoid paying him. I find their behavior appalling and I feel used and violated by them."

Hutchinson-Brooks says the Tays and their representatives ran a smear campaign against Gatzka, telling tenants and others that Gatzka had stolen money from the project. Be Be Choy told BRW that Gatzka had eight criminal charges against him and she feared for her life. (In 1992, Gatzka was charged with five minor breaches of the Companies Code and fined $20,000.)

Tay's legal representatives hired a detective agency to gather evidence and on August 22 this year made a formal allegation of theft against Gatzka to the Major Fraud Squad.

Hutchinson-Brooks, anticipating such a move, had told a team of corporate investigators to conduct a review of the sea baths project that was passed to the fraud squad. Inspector David Steele of the squad says his inquiries are finished. "There is no evidence to take the matter further," he says.

Now Hutchinson-Brooks and Gatzka claim that Jannie Tay has harmed the sea baths project through a lack of funding. Hutchinson-Brooks says: "We went to extraordinary lengths to protect the Tays' reputation and the project by blaming the council for many delays, when in fact it was due to lack of funds."

Tay has been described as Singapore's richest woman and one of the world's best female entrepreneurs. She started working as a saleswoman in her husband's family business, a watch retailing chain, and by 1975 she was running her own shop in Singapore. Business boomed, and in 1988, Tay listed her company, The Hour Glass, on the Singapore Stock Exchange. By 1993, there were five watch boutiques in Australia. But the 1997-98 Asian financial crisis affected the company. In the 12 months to March 31, 2000, The Hour Glass group lost $8 million. The Tays own 60% of The Hour Glass. There are now three stores in Australia.

During the Asian crisis, Jannie Tay became involved in the sea baths. The freehold of

the baths is owned by the Government of Victoria. In 1992 the lease was bought by the Melbourne socialite Hannah Friedman and her cardiologist husband Alexander Friedman, who were rebuilding the baths. By mid-1996, the initial $6.8-million cost of the project had blown out to $10 million, and work on site had stopped because the Friedmans would not allocate more money.

In September 1997, the Friedmans sold the lease to a joint venture of Castlepines Holdings (trustee for Castlepines Unit Trust) and East West Trinity Unit Trust, associated with Jannie Tay, for about $12 million.

By October 1997, a deposit of $1.2 million was paid to the Friedmans. The man who was leading the Castlepines bid, the property developer David Grose, alleges in an affidavit that in November 1997, Tay rang him to say she wanted to withdraw from the project. Grose says: "She told me ... she had just lost $84 million of her net worth, and her considerable gold holdings had also suffered a huge fall in value." When Tay withdrew, the joint venture collapsed. Asked by BRW why she pulled out of the joint venture,

Tay says: "He [David Grose] wanted to do it with a different architect. I said I wasn't comfortable and why don't I step out."

Grose, fellow investors and contractors who had begun to work on the baths lost more than $1 million. Glen Harrington of Project, Planning & Management was owed $80,000, which has not been paid. He says: "I was told she [Tay] didn't pay him [Grose] so he couldn't pay me." KPMG Solicitors also lost money. Partner Jim Murray says the firm did not try to recover it. He says: "They are hard business people."

Tay's withdrawal from the joint venture with Castlepines set in train several legal battles. The Friedmans took action against Castlepines for non-settlement, and Tay sued Castlepines to retrieve her deposit.

Early in 1998, Jannie Tay did a deal directly with the Friedmans to buy the baths for $12 million, but on more favorable terms, including a deposit of $300,000 and a settlement period of six months instead of two. Settlement was scheduled for early September 1998. Hutchinson-Brooks says that in the middle of 1998 he was working to get the lease extended from 50 to 75 years and to get proper town planning approvals.

But Tay could not make settlement in September, and receivers for National Australia Bank took possession. (The bank was owed $5.5 million.) Hutchinson-Brooks says: "The receivership proved to be very financially damaging to the project. Negotiations for the lease extensions were abandoned and the value of the asset was diminished by additional planning requirements. Costs blew out enormously."

Asked why she allowed the baths to go into receivership, Tay says: "Ask Bruno why he advises me to go into receivership." Gatzka denies it was his idea. Michael Theo, who was organising tenancies for the sea baths, says Gatzka, Hutchinson-Brooks and others fought desperately to avoid a receivership. Theo says: "Jannie Tay, through her arrogant treatment of the bank, caused them to prematurely appoint a receiver. I believe she thought she could get it cheaper from the receiver, not realising the costs."

In September 1998, the Friedmans took action against Tay for non-settlement. Tay agreed to settle after receiving a letter from her then lawyer, Nathan Kuperholz, advising her she was likely to lose.

Tay's husband, Henry, bailed her out. Henry Tay, a doctor, is executive chairman of The Hour Glass and also owns the Burberrys retail franchise in Australia, Singapore

and Hong Kong. The litigation with the Friedmans and the bank was settled by Christmas 1998, with the Tays paying about $10 million to get control of the baths lease. Henry Tay became a majority shareholder of the development, along with Jannie, leaving Gatzka with 6.6%. Tay was presented by the media as the savior of the sea baths, with no mention of her involvement in the Castlepines debacle or the receivership.

Gatzka and Hutchinson-Brooks say they welcomed Henry Tay's involvement and felt that the project would be secure. In February 1999, a new budget estimated that about $350,000 a week would finish the baths, excluding a car park, before the planning permit expired on February 28, 2000.

But Hutchinson-Brooks says he and Gatzka received, on average, $35,000 a week and that the alarming shortage of funds continued during 1999 and 2000. "We had to make excuses to the tenants and the media that planning issues were causing the delay."

The lack of funding had a serious effect, Hutchinson-Brooks says. Resident groups and the local council had time to demand more concessions on planning issues, which added substantially to the cost of the project. He says the project also suffered. "We would have used better materials, done a lot of things differently and come up with a much better result if the funds were there."

Theo says tenants were reluctant to commit themselves because of the recent receivership and because there was almost no sign of activity on the site.

Lack of funds caused a huge blow-out in holding costs. On November 5, 1999, Hutchinson-Brooks advised shutting the site to avoid further costs before "proper funding" was in place. Creditors were owed $500,000. Hutchinson-Brooks says he was comforted by Gatzka continually making payments on behalf of the Tays and the project.

Tay denies there was any problem with funding. "Financing was always there. Ask my lawyers. Whenever money was asked for, it was there. Trust me. I am a businesswoman." In the same conversation with BRW, Tay says it was Gatzka's responsibility to organise funding. "Why did he not tell me he could not arrange bank finance?"

A letter to Tay, from Henry Tay, sent on July 20, 2000, indicates that Tay felt that his wife was responsible for arranging finance. In very angry tones, Henry Tay pointed out to his wife that the total cost of the project to January 31, 2001, was $42 million. The cost to completion was $19 million and bank funding was in place for only $9 million. That meant an extra $10 million was urgently needed to complete the project. Henry wrote: "I would like you to present a plan to me urgently. A month's delay is equivalent to $350,000 interest and holding costs. Neither you nor I can afford to carry this burden."

He went on: "This project is affecting me extremely adversely in every aspect! It is not just a question of money: it is about your total disregard of logic, common sense, financial and business sense, trust of solid advice and concern, and continuously creating additional burdens [of] emotional, mental and financial stresses on all those who really and sincerely care about you ...

I will not continue to clean your projects any more. Also you ignore the enormous problems on your other projects."

Jannie Tay faxed the letter to Gatzka several days later. She told BRW she sent it to Gatzka to show that he was causing her problems with her husband. Tay says: "Why did he [Gatzka] promise the project would only be $20 million? Now it cost $60 million. That is a pure cash loan through my husband and that's why I feel bad. Having paid so much for a project, how come someone says there is no money? It hurt me to see the cheques."

But Gatzka says it was not until March 2001 that Henry Tay could organise another loan from Overseas United Bank. This was on top of another loan from the bank for the project, made in December 1999 for $12.5 million, with the baths used as security.

During the drama of the sea baths, Tay was involved in two other deals. In 1997,

she paid $1.5 million for a stake in the listed plantation timber company Forestech and became a director. The company posted losses for at least three years to 1997. Gatzka says that on June 17, 1998, he received a note from an accountant at Forestech claiming the company was "insolvent". On June 29, 1998, a voluntary administrator was appointed and the company was delisted, leaving creditors out of pocket. Tay, who is still a director of Forestech, says: "It is under administration for reconstruction so we can get it re-listed.

It is another bad investment of mine."

Jannie Tay's other Australian project, the Oyster Cove development near Sanctuary Cove in Queensland, had also been dogged by controversy. Tay first saw Oyster Cove in 1988, when she planned to establish an 18-hole golf course and 680 residential lots. Thirteen years later, after battling environmentalists, and planning and funding problems, only 250 lots have been sold but they are selling faster now, and there is no golf course. Meanwhile, Vanwell, the company that runs the Oyster Cove project (Tay is a director), has been charged over an alleged $60,000 bribe to a Queensland Government officer.

The St Kilda sea baths project is only now nearing completion. Hutchinson-Brooks says: "Bruno offered to help, to protect his own equity, but [his offer] was declined. Trades people were forbidden to talk to him and he is being blamed for problems, real or perceived, in order to discredit him. Because of a change of project manager, there have been added costs and a further delay in the completion date." The new project manager, Stephen Case, principal of Case Meallin & Associates, says he has had to rectify work and do work that was outstanding to meet regulations. He says there were no problems with funds.

Tay asked BRW to see her lawyer, Zyg Zayler, about work on the baths - "He is a top criminal lawyer who will answer everything." Zayler refused to answer any questions but said he was pursuing matters.

Meanwhile, Tay's home in Toorak was passed in at auction on November 22, after Gatzka obtained a caveat on it. It is for private sale at $3.75 million. Tay says: "Do not mention about my home." Later she adds: "Please tell a positive story."

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valuationsmelbourne · 1 year ago

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Valuations VIC

Valuations VIC is an expert property valuation company based in Melbourne and servicing the entire metropolitan area. All of our property valuers Melbourne are registered with the Australian Property Institute (API) and have a minimum of 20 years experience. Our residential and commercial property valuation reports can be used for a variety of purposes including stamp duty, superannuation fund, family law court, separation, mediation, taxation, and many more. We take pride in providing detailed and accurate valuation reports for government, corporate and individual private clients. Please get in touch via email or phone to talk to an expert property valuer today.

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harcourts · 2 years ago

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Maximise Your Property's Worth With Professional Property Valuers

When it comes to property, nothing is more important than getting the right price. A home, land, or business valued at the wrong price will not sell and get you the return on investment that you need.

As a result, it's important to make sure your property is valued correctly by professional property valuer christchurch who can help you achieve an optimal sale price and give you peace of mind about your next move.

Accurate Property Valuations

Property valuations are a complex and science-based process. The property market is always changing, so it's important to have your property valued on a regular basis. This can help you make informed decisions about whether or not it's time to sell your home and move on, or whether there are still some improvements that need to be made before listing your house with an agent.

Property valuers use their knowledge and expertise in order to provide accurate estimates of value--and this is why it's crucial for them to understand what makes each individual home unique from one another.

By hiring a professional Property Valuer Christchurch who understands these nuances, you'll be able to get the most accurate estimate possible for how much money could potentially be made off selling your place at any given time

Comprehensive Market Analysis

It's important to consider the property market trends in your area. For example, if your home is located in an area that has seen a lot of new construction, it might be worth less than similar properties in other parts of town.

Another factor to consider is how well-maintained the property is compared with others. If you have kept up with regular maintenance and repairs over time, this will likely increase its value.

The same goes for location: if there are amenities nearby like parks or shops that make living in your neighborhood desirable, then this can impact how much someone would pay for your home as well (or vice versa).

Optimal Pricing Strategies

When you're selling your property, it's important to understand the difference between price-to-sell and price-to-rent. In other words, what are the right prices for both? A good real estate agent will be able to help you determine which one is right for your situation.

Price Versus Value

The value of a piece of property has nothing to do with its market value or asking price; instead, it refers to how much someone would pay if they could buy or lease it today (or within a short period).

If someone offers more than this amount but less than what the owner could get by selling or leasing it themselves, then their bid would be considered "marketable."

Negotiation Power

As you know, real estate is a competitive market and there are many buyers who will be interested in buying your property. The more accurate the valuation, the better your negotiation power.

If a valuer has done a thorough analysis of what similar properties have sold for in the area and made recommendations based on that information, then they will have given you an honest assessment of how much value can be added to your home before negotiations begin.

The same goes for comprehensive market analysis: if this has been done correctly by an experienced professional valuer who understands how local markets work (and doesn't just rely on averages), then this gives both parties confidence that they are working from reliable data which will give them confidence when making decisions about pricing strategy or other aspects related to selling property fast Melbourne.

Conclusion

The most important thing to remember when hiring a Property Valuer in Christchurch is that they are not just there to give you a quote on how much your home or business is worth.

There are many factors that go into determining this, including location, size, and condition of the property itself as well as its location within the local market.

Source:https://christchurchharcourts.blogspot.com/2023/05/maximise-your-propertys-worth-with.html

#christchurch property management #Harcourts Christchurch #Property Valuer Christchurch #Property Valuation Christchurch #property management christchurch #quality property management christchurch

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propertyvaluers3000 · 2 years ago

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How to get a good property value

When it comes to buying or selling a property, having a good understanding of the property's value is crucial. A property's value is determined by a variety of factors, including location, size, age, condition, and amenities. If you are looking to get a good value for your property, whether you are selling or refinancing, there are several steps you can take to ensure that you are getting a fair price. In this article, you will get to know some tips for getting a good property value. These tips can help you maximize the value of your property and get the best price possible. By following these tips, you can increase the chances of getting a good property value for your property.

Tips for getting a good value for your property

Following are the tips that can increase the value of your property!

Make necessary repairs and updates

Fixing any broken features or making updates to your property can increase its value. This can include updating the kitchen or bathroom, replacing old windows, or fixing any structural damage.

Clean and declutter

A clean and decluttered home can make a big difference in the perceived value of your property. Take the time to deep clean, remove clutter, and stage your home to appeal to potential buyers.

Enhance curb appeal

First impressions count, and the exterior of your home is the first thing potential buyers will see. Make sure your home's exterior is well-maintained and attractive to increase its value.

Consider a pre-sale inspection

A pre-sale inspection can help identify any issues with your home that may need to be addressed before listing it on the market. This can help you avoid any surprise issues that may come up during the sale process and help you get a better value for your property.

Make energy-efficient upgrades

Energy-efficient upgrades, such as installing energy-efficient appliances or adding insulation, can not only save homeowners money on utility bills but also increase the value of their homes. These types of upgrades are becoming more popular with buyers, so they can be a good investment.

Maximize storage space

Adding additional storage space or organizing existing storage can make a home more attractive to buyers. This can include installing shelving in the garage, adding a pantry to the kitchen, or adding built-in storage to other areas of the home.

Work with a property valuing professional

A real estate agent or a valuing professional can provide valuable guidance and expertise when it comes to selling your home. They can help you determine the best price for your property, negotiate with buyers, and handle the paperwork and other details of the sale process. Working with a real estate agent can help you get a good value for your home.

To sum up, getting a good property value in Melbourne requires a combination of strategies and considerations. From making necessary repairs and updates to enhancing curb appeal and maximizing storage space, there are many steps homeowners can take to increase the value of their property. Additionally, working with a professional and considering energy-efficient upgrades and unique features can also help homeowners get a good value for their homes. By following these tips and being proactive in the process, homeowners can successfully sell their homes and get a good return on their investments.

Melbourne Property Valuers Metro

614/20 Queen Street, Melbourne, VIC, 3000

(03) 9021 2007

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