Offered with short term lease and vacant possession, providing opportunity for both developers and owner occupiers to purchase
Located 50m off Smith Street, Fitzroy
High ceilings
Concrete floors
Relatively newer construction – creating no concerns over asbestos or building maintenance issues
Blank canvas property allowing a Purchaser to fitout and renovate at their leisure, without needing to pay for exiting improvements in the price
THE CONS
From a development perspective, the proposed DDO outlined a potential reduction in development height potential
Property adjoined sensitive residential interface, which could again impact development height potential
There was knowledge of contamination, which was disclosed to all parties
The potential investment return, in comparison to the price was low, excluding land bank Purchasers
There was little to no commercial activity on Cecil Street – it was a predominantly residential street, with limited commercial buildings on major intersections
A tree was located in the middle of the street, at the front of the property – combined with the narrow street, this created difficulty accessing the property
Close proximity to the Smith Street & Alexandra Parade intersection – which created access constraints, as traffic would build up around the only entrance to Cecil Street
THE CHALLENGES
The neighbouring residential property was built right up against the boundary – this should not have been approved in planning
This greatly reduced the development potential of the property – in recognition of this, we focused on owner occupiers from the onset
Explaining and discussing the existing contamination with potential Purchasers. While contamination is manageable by those with experience, it is an ‘unknown hurdle’ to overcome for many people
Disclosing this meant there was a reason for Purchasers to reduce their price, lose interest completely or the potential to obtain the wrong advice from a consultant
THE REVEAL
The marketing campaign received 14,590 listing hits, within the first 30 days – this compared to the market average of 4,240 i.e. 3.4 times higher
Described as one of 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
