Two family groups jointly owned the property for 5 years (Nichols Crowder had sold the property to them initially for $3.85 million). Since purchasing their focus has changed to larger retail developments.
A 3 level office building with potential to add 2 levels on the existing structure and with income from multiple tenants.
What needed to be solved
Firstly we need to convince the owner that the property was not now a match to their investment objectives. Then we needed to convince them that we could achieve a considerable profit by clever positioning of the property into the market.
The obvious positioning of the property was to the residential conversion market.
However, our analysis suggested the profit was limited and we believed there were good signals in the office market. So we focused on the potential for additional levels, renovation opportunities and the strata market.
We included the property into our Portfolio Auction concept which assists in creating a deadline date for purchasers to work within.
Three proven purchasers created a crescendo a week before auction. So we took advantage of the situation and created a deadline prior to auction for purchasers to submit their best price.
We sold it prior to auction for $5,850,000 to a local office investor.