Buying into a mixed-use development can be a savvy move for buyers, but there are several factors to consider before moving in. Project Sales Agent for Belle Property Pyrmont, Noel Lucas-Martinez talks about what you should consider when you’re looking to purchase.
Convenience at your doorstep
Knowing that you never have to venture too far from home to pick up a delicious bite or find services, such as banks or medical facilities, only steps away is a great way to live.
“Buyers of apartments in mixed-use developments can benefit from having the convenience of a retail amenity in their building. A café, supermarket or service such as dry cleaning located within the same development can be very handy. It can also create the sort of vibrancy that you wouldn’t get somewhere that’s purely residential.”
What to consider
However, there are a few things to consider before moving in. Lucas-Martinez says that it’s important to think about the impact of the retail/commercial component on those living in the development.
“Buyers should be fully informed about what the current or intended uses of the non-residential components are, particularly if they’re buying off plan,” says Lucas-Martinez. “For example, will the retail/commercial aspect generate noise, cooking smells, parking issues and so on? To a lesser extent, having vacant commercial spaces in a development for an extended period can be an eyesore and detract from living there.”
And although having popular restaurant within easy reach sounds ideal, it can have its downside. “Having a popular restaurant in the same building might seem appealing, but if they have extended opening hours, early morning deliveries or loud music, it could affect the enjoyment of living there,” explains Lucas-Martinez.
He continues to explain, “Off the plan buyers should ask about the location of ventilation stacks (which can generate noise and emit cooking odours), garbage rooms, driveways for commercial use and the permitted uses and operating hours of the non-residential spaces.”
Purchasing a property in a mixed-use development can be a great opportunity, so long as the buyer is fully informed about the current situation and any future plans – putting you in the position to select the right property to suit your overall lifestyle.