the facts

SUITE 107, 397
SMITH STREET

FITZROY

Sold Suite 107/397 Smith Street Fitzroy TCI - An in depth look behind the scenes of the campaign. We'll explain the pros, the cons, the challenges & the reveal!

THE PROS

Vacant possession allowing owner occupiers to purchase and occupy immediately
The office was renovated – superior to other offices in the building except one, which was similar in condition
Three level office Zoned Mixed Use allowing residential use, office or a combination of both
Three on title car parks

THE CONS

General market conditions with older office strata titles were weak
The exterior and common areas were in bad condition and required complete refreshing e.g. painting, cleaning and modernisation
There was no lift/disabled access
The office next door, Suite 106, of similar quality but bigger in size, was also listed for sale
This office, Suite 107, was initially listed for sale, with a less motivated Vendor and while a tenant was in place, for a well above market price

Sale Lease 107/397 Smith Street Fitzroy Office Mixed Use Commercial Real Estate TCI Suite Five Minutes To Everything

THE CHALLENGES

Alleviating the concerns regarding the common areas was challenging
A new Owners Corporation had been appointed and undertook steps towards addressing the many issues – this was highlighted to show the changes coming
Convincing a Purchaser to proceed with the sale of this office, versus the larger office next door of a similar, but slightly lower quality, at a higher price
Explaining the initial time on market – which was caused by an above market price and less motivated Vendor
To best present the property, TCI focused on creating an reworked and innovative marketing campaign, including staging the property as a gallery once the tenant had vacated and marketing at our originally expected price

THE REVEAL

TCI sold the office in 3 days of the new campaign launch, for $1,550,000
The office next door has been on market for circa 20 months with the highest offer received to date being 24% lower
This is an example of how marketing property is their best light, will achieve the best result. This office sold in minimal time, in a weak strata office market, while similar listings have been on market for a substantial period of time

the facts

market example

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DAYS on market

RESULT

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days on market

difference

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TIMES QUICKER

Campaign performance

DAYS ON MARKET

market EXPECTATION

RESULT

the facts

SUITE 107, 397
SMITH STREET

FITZROY

THE PROS

THE CONS

THE CHALLENGES

THE REVEAL

the facts

market example

DAYS on market

days on market

TIMES QUICKER

Campaign performance

DAYS ON MARKET

DAYS ON MARKET

market EXPECTATION

Sold suite 107/397 Smith Street

Sold suite 107/397 Smith Street

Sold suite 107/397 Smith Street

Sold suite 107/397 Smith Street

Sold suite 107/397 Smith Street

Sold suite 107/397 Smith Street

Sold suite 107/397 Smith Street

Sold suite 107/397 Smith Street

Sold suite 107/397 Smith Street

Sold suite 107/397 Smith Street

Contact

Address

Phone

Email

Menu

Social

the facts

SUITE 107, 397 SMITH STREET

FITZROY

THE PROS

THE CONS

THE CHALLENGES

THE REVEAL

the facts

market example

DAYS on market

days on market

TIMES QUICKER

Campaign performance

DAYS ON MARKET

DAYS ON MARKET

market EXPECTATION

Sold suite 107/397 Smith Street

Sold suite 107/397 Smith Street

Sold suite 107/397 Smith Street

Sold suite 107/397 Smith Street

Sold suite 107/397 Smith Street

Sold suite 107/397 Smith Street

Sold suite 107/397 Smith Street

Sold suite 107/397 Smith Street

Sold suite 107/397 Smith Street

Sold suite 107/397 Smith Street

Contact

Address

Phone

Email

Menu

Social

SUITE 107, 397
SMITH STREET