Colliers were appointed to sell 26-28 Prospect Street, Box Hill via an on-market Expressions of Interest campaign following a highly competitive pitch process to Vantage Property Investments. For the benefit of our client, our Colliers sales team comprised agents from our Investment Services, Capital Markets, Asia Markets and Residential Development Sites teams.
This collaboration was critical to the campaign to ensure all buyer types were targeted for the existing office investment and potential mixed use development offering. During the campaign, Victoria went into a lockdown due to the Covid-19 pandemic which prevented property inspections occurring. Despite this, the Colliers team kept the momentum of the campaign and directed buyers to focus on the due diligence information with inspections to be arranged once allowed.
Colliers take pride in being up to date with the investor and developer buying mandates in the metropolitan office and residential development market and therefore actively canvassed a number of groups that we felt would be well suited to 26-28 Prospect Street, Box Hill.
Colliers together with Vantage Property Investments prepared comprehensive due diligence materials to be included within the data room, which ensured buyers were familiar with the offering prior to the EOI close despite the lockdown preventing inspections half-way through the campaign.
We took advantage of our superior track record of investment and site sales in Box Hill, ensuring that buyers were across all recent sales deals. We also worked collaboratively with our office leasing team to be armed with the latest leasing deals for investors.
Pleasingly we had over 20 groups access the data room, demonstrating the high demand for this opportunity.
Colliers received several written offers at the EOI close, with one stand out offer which was accepted by the vendor.
Colliers sold 26-28 Prospect Street, Box Hill unconditional to a local private investor.
“We were pleased with the collaboration between the Investment Services, Capital Markets, Asia Markets and Residential Development Sites teams at Colliers and felt that we were in safe and capable hands throughout the entire sales process. The communication throughout the campaign was second to none and we were extremely satisfied with the level of service the team provided.”
Director - Acquisitions & Investments
Vantage Property Investments