Vacant possession, providing opportunity for owner occupiers to purchase, who are generally the best Purchasers in this sector
Located in immediate proximity to the Yarra River
Amendment C220 i.e. the Johnston Street Structure Plan, was recently approved and awaiting gazetting, which rezoned a large number of nearby properties from Commercial to Residential use
Large frontage of 43m onto Harper Street
THE CONS
Property has an asbestos roof that was penetrated the year prior – allowing the Tenant to break the Lease
While rectification works had been undertaken, this was disclosed to all interested parties
Property has a Board of Works Easement on Title
Structural columns throughout, creating some restrictions
THE CHALLENGES
The asbestos roof caused two issues
A number of potential Purchasers simply lost interest
Those that remained, took into consideration rectification works into their submissions under the Expression of Interest
The Board of Works Easement caused three issues
A number of potential Purchasers simply lost interest
Those that remained, took a ‘reduced area’ into their submissions under the Expression of Interest
It restricted current and future development potential, which led to a number of potential Purchasers electing not to submit
THE REVEAL
The marketing campaign received 16,525 listing hits, within the first 30 days – this compared to the market average of 3,248 i.e. 5 times higher
Described as the highest seen for an organic listing, without any redirecting from social media platforms, by an employee of Australia’s most popular real estate listing website
The Vendor ultimately knew that all potential Purchasers had been exhausted and provided them confidence in finalising the sale
TCI sold the property for $4,400,000 – which equated to $4,731 per m²
Market expectation was circa $4,250 per m²
Despite the challenges, this was a land record at the time, for an Industrial Warehouse in the vicinity – highlighting the strength of our marketing campaign and our negotiation process
