the facts

5
WELLINGTON STREET

CREMORNE

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!

THE PROS

Offered with vacant possession
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

TCI Sale Sold 5 Wellington Street Cremorne

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
Market expectation was approximately $1,250,000
Final result being 68% above market expectations

the facts

market expectation

$

0

Million

RESULT

$

0

Million

difference

0

%

higher

Campaign performance

MILLION

PRICE

market EXPECTATION

RESULT

the facts

5
WELLINGTON STREET

CREMORNE

THE PROS

THE CONS

THE CHALLENGES

THE REVEAL

the facts

market expectation

Million

Million

higher

Campaign performance

MILLION

MILLION

PRICE

market EXPECTATION

sold 5 wellington street

sold 5 wellington street

sold 5 wellington street

sold 5 wellington street

sold 5 wellington street

sold 5 wellington street

sold 5 wellington street

sold 5 wellington street

sold 5 wellington street

sold 5 wellington street

Contact

Address

Phone

Email

Menu

Social

the facts

5WELLINGTON STREET

CREMORNE

THE PROS

THE CONS

THE CHALLENGES

THE REVEAL

the facts

market expectation

Million

Million

higher

Campaign performance

MILLION

MILLION

PRICE

market EXPECTATION

sold 5 wellington street

sold 5 wellington street

sold 5 wellington street

sold 5 wellington street

sold 5 wellington street

sold 5 wellington street

sold 5 wellington street

sold 5 wellington street

sold 5 wellington street

sold 5 wellington street

Contact

Address

Phone

Email

Menu

Social

5
WELLINGTON STREET