Address: 20 Bernera Road, Prestons
Sale/Lease Date Sale: March 2020
The Property: Vacant Industrial Land – Zoned IN3 Heavy Industrial
The Challenge: The vacant site had not been improved since the original estate sub-division and contained numerous stockpiles of approved but un-tested fill. The challenge was to enable testing of the stockpiles and explore the existing development approvals to ensure there was no contamination risk factored into the pricing.
The Process: We had been engaged by the purchaser to undertake a market search for suitable sites that met their operational requirements. Given the current constrained land market there were nil options available to transact on-market. This site was identified and ultimately transacted off-market through a private treaty negotiation. The difficulty was not having a clear divestment mandate with the vendor and having the purchaser make un-solicited offers to the Vendor in the middle of COVID-19.
Our South-West Sydney team has a long-standing relationship with the vendor and as such, we collaborated and engaged them to articulate the off-market offers to obtain immediate quality engagement. To develop the transaction, Colliers International needed to provide the purchaser in-depth land and industrial market data to ensure their starting offer was in-line with the market and likely to obtain an un-willing vendor’s attention
The Result: The site was traded after two rounds of off-market bids with settlement terms that were acceptable to both parties. The vendor achieved an exceptional result and the purchaser was able to secure one of the last remaining well located heavy industrial zoned sites in Sydney which met their operational requirements.The collaboration between our Sydney West team in assisting the buyer in their property search and the South West team as the local market experts and having the relationship with the vendor, ensured Colliers International have maximised the outcome for two very valuable clients.