SPECIAL SERIES: Property tactics that no longer stack up: What investors need to ditch

From warehouses to medical centres and service stations, not every commercial asset is as safe as it looks. Victor Kumar says three simple tests can separate a smart buy from a costly mistake.

A long lease looks like security, but when the tenant walks out, you may be struggling to find a replacement.

In Part 2 of the Post-Budget Guide to Commercial Property Investing, Phil Tarrant sits down with Victor Kumar, founder and director of Right Property Group, to unpack the hidden risks in "safe" commercial assets, and how to compare very different commercial asset classes.

Victor says every asset should pass three tests: how easily it can be re-leased if the tenant leaves, whether the building will still do its job in 15 years, and who pays when major repairs hit. He explains why industrial assets such as warehouses tend to score well on the first test, while specialised assets like childcare centres and fast-food sites can take longer to re-let.

From there, the pair break down office, industrial and retail, including why the rent on paper isn't always the same as rent in practice and rate re-leasability risk across sectors, from storage to service stations and childcare.

Finally, Victor outlines the sectors he believes face structural pressure post-budget, including CBD offices, childcare and NDIS-related buildings, and why he says residential is "all about sentiment" while commercial is "all about mathematics".