16 Logan Street, Adelaide
The property at 16 Logan Street, was managed Ray White Commercial Adelaide Asset Management and owned by an overseas investor. The building is an industrial warehouse within the city in an area where the zoning was changed by the Council. This significantly restricted the letting potential of the property.
The agency proposed to the owner that he convert the warehouse to 24/7 self storage units as there were no such facilities available in the CBD at the time and the use complied with the new zoning.
The Agent designed a layout, organised all the Development Approvals with the Council and arranged for the units to be built, created a trading name and organised a web page. The units were then leased out and whilst still not 100% full, now generate an income three times more than the property did when it was a warehouse.
The agent continues to manage the asset for the owner, and has effectively set up a successful business for an overseas client who previously had a non-performing property that was virtually unlettable.
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