For many years, property investors were focussed on buying residential lots, fixing them up and them selling them for a handsome profit. Then came the rise of commercial property investment with landlords looking to make use of the higher rentals achievable for commercial rent. More recently industrial properties have become the focus of investors with their hybrid revenue opportunities proving attractive. In short, industrial properties tend to offer good rentals, but they also tend to have scope for fixing up and renovating and then reselling. So, if the industrial space is where you want to be playing, here are a few quick tips to help you turn your investment into profit.
Check the pipes
Industrial buildings tend to bring with them mazes of pipes, in many instances exposed for all the world to see. These pipes can carry water, they can be electrical conduits, or they can be for cooling and ventilation. Whatever their purpose, make sure that they are all working and clean. Broken industrial piping systems can be great places for birds or rats to live and that is not something that you want. Get them checked out as a priority.
It is generally such a simple thing to fix but it is so often ignored. The floor of a warehouse takes a beating. It can end up dented or with holes, or with nasty substances spilled on it. This kind of wear and tear can add patina to the mix, but it can also lower the tone. A good scrub and perhaps a bit of repair work and your property will suddenly start to feel quite smart.
Much like the floor the roof is another very important component of the building – although it probably goes without saying that it is slightly harder to repair damage in this area. First up, make sure that the roof is structurally sound and that it doesn’t leak. Once you have that sorted you can start to spruce it up. A coat of paint perhaps. Insulation might be an option. Or maybe you want to go the other way and expose the beams and structures that keep the roof on. If the building is old enough this can look really beautiful.
The entrance area
We all know that you only get one chance to make a first impression, so, if fixing up a warehouse is what you are doing, then make sure that the entrance area is as splendid as possible. The entrance is where the character and heritage of the building can best be displayed. Look at ideas like exposing the brickwork, showcasing the original raison d’etre of the building and generally playing to its strengths. Fixed up buildings in working areas are very popular with corporates who are looking to convey a certain image, so it is important to remember, when fixing you place up, who you are hoping will end up as either a tenant or a purchaser. It is pointless doing the work to fix it up only for the new owners or tenants to un-do it all and go with something else.