Strata Office Success Amidst Challenging Restrictions
Client: H&F Properties
Sale price: $3,825,000
Yield: Vacant Possession
Total area: 600m²
Asset type: Strata Office Asset
Challenge
Colliers were appointed to conduct an on-market campaign to transact two vacant strata office floors in Box Hill whilst navigating the ongoing COVID-19 situation and numerous lockdowns throughout the campaign.
Strategy
- Colliers conducted an aggressive campaign targeting active owner occupier mandates in the market.
- Identified an opportunity to capitalise on the nearby Epworth Hospital and target medical professionals looking to own their own premises whilst remaining within close proximity to the hospital.
- Targeting speculating investors with an appetite for taking on vacancy risk in the short term at the prospect of capitalising on tenant demand from medical professionals in the medical precinct of Box Hill.
Result
- Colliers fielding in excess of 150 enquiries over the duration of the campaign and multiple offers from owner occupiers and speculative investors.
- Colliers transacted both strata office floors in Q1 2021 both of which were contracted during Stage 4 COVID restrictions.
- Colliers sold both floors to medical specialists operating out of the Epworth Hospital.
Testimonial
“Raphael & Andrew worked hard to sell our newly built Box Hill offices amidst the COVID pandemic. They negotiated a great sales price and terms in a difficult market. We would recommend Colliers again in our future projects”
Richard Hirsch
Director
H&F Properties
