For four brothers it was time to separate inheritence created 109 years earlier.
Best building in prime Church Street, Brighton, well leased to proven tenants.
What needed to be solved
The decision had already been made to sell the property. Now the vendors had to choose the best agent for the job. We provided clear evidence this property was going to be purchased by a local investor, a market we knew well. Other non-local agents were suggesting offshoreor a broader investor market existed without supporting evidence.
The client also had considerable expertise in the property market, so they wanted to ensure the selling program was going to be well handled and a success.
Stories sell and facts tell.
This client and property came with a wonderful 109 year history of ownership and occupation. So we focused on the history, without diminishing the amazing address and great tenant.
We did not wait for the phone to ring (which it did). We sourced the purchaser of the last significant sale in the area, through title and company searches. That is where we found the ultimate purchaser and then marketed the attributes of the property directly to him.
Matt Nichols presided over the auction with a large crowd. After 51 bids the property sold for $4,810,000 representing less than 3% return and a record land and also building value. This was substantially over our Vendors’ expectations.
What the client had to say
“I wish and I speak on behalf of my 3 brothers to thank you and your team for the outstanding job you did from the moment you listed the property to the day of the auction and beyond..”