Sold 5 Wellington Street Cremorne TCI - An in depth look behind the scenes of the campaign. We'll explain the pros, the cons, the challenges and the reveal!
Exceptional location just meters off Swan Street and walking distance to Church Street & the CBD
THE CONS
Poor condition and in need of considerable money being spent
Zoned General Residential, while others in the same block were Zoned Commercial 1 – this placed considerable development and use restrictions
THE CHALLENGES
We knew the general market would not be able to match the price benchmark that had been established
It was decided to keep the campaign off market and targeted towards the neighbouring owner – off market was selected, not to show the neighbour our hand i.e. run a close date campaign without result, or run a Private Sale that stayed on market for too long
The narrative was it was an opportunity to buy, however the Vendors were not motivated sellers
The next step was convincing the neighbour to pay well above market price to secure the property – this was done by establishing growth potential and highlighting it was the ‘last piece’ of their land holding puzzle
The Vendors tried to negotiate with the neighbour directly for 12 months prior, without success
THE REVEAL
After a short one month off market campaign, TCI sold the property to the neighbour, for $2,100,000 – which equated to $18,750 per m²