澳洲Australia property commercial leasehold | Sydney
在澳大利亚 The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m
I posted this in comm subforum but no replies so far. So I decided to add this thread here to see if anyone can help. And yes I have searched the forum.
Here is the question:
It is a leasehold commercial property with a crown lease of 25 years with 23 years left to run (QLD).
Current crown lease started in 2008. My understanding is that in 2033 there is a risk of state repossessing the land for other usage (although renewing the crown lease is the more likely senario).
Agent states that if that was to happen there will be compensation paid for the building, but the crown lease document i read states that may not be the case.
How does financial institutions treat leasehold when it comes to lending against it?
I have also read about converting leasehold to freehold (buy land from the state) but that is only a possibility after 80% of lease expiring.
Does anyone here own leasehold comm properties to be able to shed some light on this situation?