Ray White Canberra was engaged by the ACT Government Land Development Agency to take the 16,314m²* site to market for sale through an Auction sale process.

Situated in the heart o the Belconnen Town Centre the property offered a variety of attractive opportunities to master plan a high density residential precinct, over looking lake Ginnindera.

Due to the size of the site, with a gross realization of $300m – $400m, we heavily weighted our efforts to ensuring all major Canberra Developers were aware of the opportunity and in a position to bid at the auction.

We proactively contacted all of these groups via phone, email and eBrochure, to advise them of and the opportunity and ensure that they fully understood all aspects of the sale process and site.

At the conclusion of the Sale process 10 of the 11 registered bidders originated from our target list, including all bidders who actually placed a bid.

To ensure potential buyers saw the property advertised in multiple mediums and competition was created, we engaged in significant public marketing including press, signage and internet. Once potential buyers in the site were contacted directly by us, and then saw public marketing, their levels of interest increased as competition increase.

6 different groups bid at the auction, with significant competition between the 2 most motivated buyers, bidding up the last $3m.

 

Sales Analysis*
Marketing Budget:$11,340 incl GST
Sale Method:Auction
Marketing Period:6 weeks
Property Type:CZ2 site, with up to 745 dwellings allowed
Land Size:16,314m²*
Sale Price:$22.1million
Sale Date:June 2015
Total Enquiry:33
Registered Bidders:11

*approx