Commercial Property
During 2005, over 5,000m2 of retail space was let within the City, primarily within the CBA and Wendouree shopping precincts. Retail returns varied according to the location and facilities available, ranging between $50/m2 - $150/m2, with the average rate for the Ballarat CBA between $80/m2 - $100/m2. The size of the floor space varied considerably between 60m2 - 1,500m2.
Similarly, during 2005, over 5,000m2 of office space was let within the City, primarily within the CBA precinct. Commercial returns varied according to the location and facilities available, and typically ranged between $170/m2 - $200/m2. While the size of the floor space varied between 100m2 - 600m2. The most commonly sought after size was between 300m2 - 500m2, with an increased demand for areas greater than 1,000m2.
In 2005, the combined total of retail and office space sales was over $23.2 million. The average price for retail property was $669/m2 and the average price for office space was $1,093/m2. The average price for vacant commercial property was $81/m2. While a significant number of investors are Ballarat based, there is increasing interest from Melbourne investors for quality tenants in prime locations.
The availability of off-street parking significantly increased the marketability of some properties, with carparking rental varying between $800 - $1,200 per annum.
With regards to carparking, there are over 7,430 public carparking spaces within the City, 76% of which are non-fee paying spaces.
For example of commercial property rates visit : Jens Gaunt