Ray White Canberra was engaged by a local private consortium to market the site for sale through an Auction sale process.
The property offered the long term safety of A grade tenants including KFC, Shell and others, with an annual net rent of approximately $1.285m. The property also has long term redevelopment potential, to accommodate around 200 units.
The location and tenant mix of the site, meant a nation wide public marketing campaign was developed, ensuring both local and interstate developers were informed about the opportunity.
Our direct contact and pro-active marketing to the most likely buyers resulted in a pre-auction offer of $20m being received, which was $2m over the sellers reserve price.
Rather than immediately accept this offer, we recommended to the seller that a fast Tender process be run with the most interested buyers being invited to submit their best offer on an unconditional signed sale contract within a 48 hour deadline.
4 parties engaged in the Tender process, with 3 of those submitting unconditional offers above $20m.
The final price achieved for the site was $20.6m, which was in excess of $2.5m above the sellers reserve price.
Points of Note:
1. The final price was over $2.5m greater than the reserve price.
2. The sale process and marketing campaign were developed to generate the highest possible amount of genuine competition from potential buyers.
|Marketing Budget||$30,648 (Incl. GST)|
|Marketing Period||5 weeks|
|Property Type||Investment / Development|
|Sale Date||September 2016|
|Registered Bidders||Sold Prior to Auction|