Read the property before the price.

An asking price, agent estimate and professional valuation are not interchangeable. A valuation is prepared for a defined purpose and should connect inspection, market evidence, assumptions and the relevant property interest to a reasoned opinion.

• Ask what the valuation will be used for.
• Confirm the date and property interest being valued.
• Understand the assumptions and limitations.

Pressure to “secure the deal” should not replace due diligence. The seller’s identity, title documents, survey, planning position, physical condition and true transaction cost all need attention.

• Match the seller to the legal interest.
• Inspect boundaries and occupation on the ground.
• Budget for professional fees, consent, taxes and remedial work.

The asking price is only one input. Sustainable income depends on tenant demand, lease quality, vacancy, operating costs, maintenance exposure, capital expenditure and the likely exit market.

• Test the rent against evidence, not optimism.
• Model vacancy and non-recoverable costs.
• Inspect the condition behind the headline yield.

A lease decision also includes service charges, repairs, permitted use, rent review, renewal, fit-out obligations, utilities and the consequences of early exit.

• List every recurring occupancy cost.
• Confirm responsibility for repairs and common areas.
• Record handover condition before occupation.

A technically possible building is not automatically a viable investment. Product type, unit mix, achievable price, absorption rate, construction cost, finance and approval risk must work together.

• Define the intended customer before the design is fixed.
• Stress-test cost and time assumptions.
• Keep an alternative use or exit in view.