Main road exposure sets new precinct record
Challenge
As a private vendor who has been hounded for years by local real estate agents about selling, Stravros only ever explored an off-market sale for a buyer at ‘the right price’. The target price of $4 million ($1,554/sqm) was very opportunistic in relation to nearby transactions and was a partial reason why 182-185 Hume Highway, Cabramatta had not sold.
Strategy
After presenting a compelling case to market the property for sale via Public Auction, the strategy was to capitalise on an influx of main road commercial developers and put them in a competitive environment.
The Colliers team already had a rolodex of parties after the recent success of other main road sites in 2021.The tightly held commercial strip of Hume Highway Lansvale/ Cabramatta set strong precedence to attract local and domestic developers who would be able to add significant value to this prime corner location.
Results
- $252,000 over reserve, representing a suburb land rate record of $1,676/sqm
- A very competitive auction with seven bidders and 33 bids
- 95 Enquiries
- 20 Contracts Issued
- 9 Inspections
Testimonial
“Nick, Thomas and Harry showed top-tier professionalism and drive to maximise the sale of 185 Hume Highway, leveraging their professional relationships to exceed expectation in a highly competitive auction. It was a pleasure working with Colliers’ Investment Services South West Sydney team.”
Stavros Skarmoutsos
