the facts

The Lesney & Wiltshire Holding

1 LITTLE LESNEY STREET & 9 WILTSHIRE STREET

RICHMOND

Sold 1 Little Lesney Street Richmond TCI - An in depth look behind the scenes of the campaign. We'll explain the pros, the cons, the challenges and the reveal!

THE PROS

Short term lease allowing future flexibility
Proposed C191 Amendment, outlining a recommended 7 storey height limit
Current development permit for 9 storeys and 63 apartments
Located just behind the corner of the Swan & Church Street intersection, populated by multiples of Melbourne’s best lifestyle and showroom tenants
Immediate access to public transport – both tram and train
Market knowledge of a pre commitment Lease to multinational tenant in nearby 510 Church Street at circa $600 per m²

THE CONS

Adjoining a railway line – which while making access to transport easy, also meant it was unlikely the property could realise the same completion value after a development – be it residential or office use
The quality of the access to the property was compromised in all directions – which would have a negative impact of the completion value of any development. The points of access were
- a walkway/pathway from Church Street – which was not level and a wire fence that was falling down
- Two frontages onto Little Lesney Street, which was only wide enough for a single car and served as a bin storage location for neighbouring buildings
The two laneway frontages also created a second hurdle – construction costs. Said costs would be significantly higher which would be reflected in the final result

The Facts Sale Lesney Wiltshire Holding 1 Little Lesney Street Richmond 9 Wiltshire Street Richmond TCI Real Estate Richmond Development Commercial Real Estate TCI

THE CHALLENGES

Property was Auctioned by Colliers a few months beforehand – there were no bids at Auction and passed in on a single Vendor’s Bid at $9m – there was well known market knowledge of the result
The approved development plans were for a series of Apartments that maximised the efficiency of the development feasibility i.e. the efficiency of the building was high, however were not fit for purpose to the current market
This meant it was likely, whoever purchased the site would make a new development application – albeit the building envelope would establish a precedent

THE REVEAL

After a detailed four week week long negotiation process, TCI sold the property off market for $11,100,000 – which equated to $12,238 per m² or an equivalent figure to the best sales in Cremorne
Market expectation was circa $8,500,000
Final result being 31% above market expectations

the facts

market expectation

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RESULT

$

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difference

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%

higher

Campaign performance

MILLION (M)

PRICE

market EXPECTATION

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the facts

The Lesney & Wiltshire Holding

1 LITTLE LESNEY STREET & 9 WILTSHIRE STREET

RICHMOND

THE PROS

THE CONS

THE CHALLENGES

THE REVEAL

the facts

market expectation

Million

Million

higher

Campaign performance

MILLION (M)

MILLION (M)

PRICE

market EXPECTATION

Sold 1 Little Lesney Street

Sold 1 Little Lesney Street

Sold 1 Little Lesney Street

Sold 1 Little Lesney Street

Sold 1 Little Lesney Street

Sold 1 Little Lesney Street

Sold 1 Little Lesney Street

Sold 1 Little Lesney Street

Sold 1 Little Lesney Street

Sold 1 Little Lesney Street

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