the facts

THE MOUNT STREET STUDIO

2 MOUNT STREET

PRAHRAN

Sold 2 Mount Street Prahran 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

Located just off Chapel Street, near the Windsor end – which had become a hub for lifestyle and food tenants
Falls within the recently drafted Chapel Street Activity Centre Land Use & Framework Plan – which promoted and clearly identified, the development potential of this property and those nearby
Highly renovated building – showcasing the existing brick warehouse, with modern finishes and building height
Property was a unique offering
Vacant possession allowing owner occupiers to buy and occupy immediately, which were the likely best potential Purchasers

THE CONS

Price was high on both a land and building rate – thus making the sale to an owner occupier difficult and highly unlikely there would be any developers interested
No car parks
While the renovations were well presented and looked after, they were undertaken circa 20 years prior and the styling reflected this
Proximity to Government Housing located on King Street, circa 200m away
The surrounds were mostly older warehouses, with limited ground floor traffic, or any destination side street tenants e.g. cafes

The Facts Sale Mount Street Studio 2 Mount Street Prahran Real Estate Prahran Office Commercial Real Estate TCI

Sale The Mount Street Studio 2 Mount Street Prahran Real Estate Prahran Office Commercial Real Estate TCI

THE CHALLENGES

Land rates were less than $10,000 per m²
The property was ‘sold’ under an Expression of Interest, to a neighbour known to the Vendor
The neighbour provided multiple EFT remittances, showing the deposit being paid, but was never received in our account
After a week without confirmed payment, we contacted the under bidder and signed them up on a Contract of Sale, conditional upon termination of the existing Contract
The original Contract was terminated and the under bidders purchased the property

THE REVEAL

After a 8 week campaign process, TCI sold the property for $4,400,000 – which equated to $11,111 per m²
Market expectation was circa $8,500 per m²
Final result being 31% above market expectations

the facts

market expectation

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k

PER M²

RESULT

$

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k

PER M²

difference

0

%

higher

Campaign performance

PER M²

RATE

market average

RESULT

the facts

THE MOUNT STREET STUDIO

2 MOUNT STREET

PRAHRAN

THE PROS

THE CONS

THE CHALLENGES

THE REVEAL

the facts

market expectation

PER M²

PER M²

higher

Campaign performance

PER M²

PER M²

RATE

market average

sold 2 mount street

sold 2 mount street

sold 2 mount street

sold 2 mount street

sold 2 mount street

sold 2 mount street

sold 2 mount street

sold 2 mount street

sold 2 mount street

sold 2 mount street

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