Colliers | Case Study Investment Services: 96 Thislethwaite Street Melbourne

Sold under the hammer to the adjoining owner after Victoria’s 2 week lockdown

Client: Burning Investments Pty Ltd
Sale price: $2,180,000
Yield: VP
Total area: 304sqm
Asset type: Office

Challenge

To achieve a successful campaign and sale on behalf of our client in a very different property market and environment. Having to manage the disruptions of Victoria’s two-week COVID-19 lockdown.

Strategy

Positioned the property to appeal to the broadest possible target market including owner occupiers, investors and developers.
Directly targeted surrounding property owners who were familiar with the precinct and understood the zoning principles to generate initial interest.
The improvements were extensively refurbished and were well presented, we were confident that prospective purchasers would become ‘attached’ to the property.
Ran an auction process which saw six (6) registered bidders on the day, comprising owner occupiers and surrounding property owners.

Results

The auction resulted in receiving 25 bids from 6 registered bidders
Sold for $80,000 above the Vendor’s reserve
Achieved a record land rate of over $13,000 per square metre
Provided excellent knowledge and management throughout the two-week COVID-19 lockdown period to ensure prospective purchasers remained engaged
The property transacted to the adjoining owner who plans to hold the asset for the short term and benefit from the surrounding infrastructure projects as a long term investment

Testimonial

"The team worked extremely hard with us to get the best result possible. They were very open to our thoughts, strategies, and vision for the campaign and made us feel very comfortable and confident throughout the entire process. The professionalism shown by the team was amazing, with strong communication the entire campaign. Even when we were thrown a curve ball with a 2-week lockdown in the middle of our sales process, the guys were working tirelessly to engage with potential buyers and us as the vendors."

Jeremy Burns & Graham Burns
Director
Burning Investments Pty Ltd

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