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Case study Investment Services: 26-28 Prospect Street, Box Hill

Hero Image  2628 Prospect Street Box Hill Medium

Challenge
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.

Strategy
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.

Results
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.

Client Testimonial
“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.”

Paul Henley
Director - Acquisitions & Investments
Vantage Property Investments


Related Experts

Peter Bremner

National Director | Investment Services

Melbourne East

Peter has a total of 30+ years’ experience in the commercial real estate industry including over 28 years with Colliers International. 

He started his real estate career as a Valuer in 1991 at the City of Nunawading and obtained his qualification as a Valuer in 1993.

Peter joined Colliers International in June 1993 and commenced as an Assistant Valuer.  From 1994 - 1997, he concentrated on retail & industrial sales and leasing in Melbourne's south-eastern suburbs. 

Peter joined the Commercial & Investment Sales department at the start of 1998 to specialise in the sale of metropolitan office investments, commercial and residential development sites and vacant possession office sales. Peter’s track record for Melbourne city fringe and metropolitan office and commercial site sales between $10 million - $100 million is unrivalled.

He was appointed National Director of the Investment Sales Department, Eastern Office in mid-2012.

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Leon Ma

Director, Asia Markets, Melbourne City Sales | Investment Services

Melbourne

Leon Ma is a  Director in the Melbourne City Sales team and the Head of Asia Markets VIC, where he specialises predominately in the City of Melbourne. Leon has over six years’ experience in the industry and has been involved in over $200million of transactions which has allowed him to build up strong connections with both local and offshore Asian buyers. In his unique position, Leon has an extensive network of contacts both in China and Australia, as well as the expertise and knowledge that can assist his clients in the investment and development markets. Leon is fluent in Mandarin and English.

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Joe Kairouz

Manager, Development Sites | Residential

Melbourne East

Joe joined Colliers in 2017 and in his role as Manager, he specialises in the sale of residential and mixed-use development sites throughout Metropolitan Melbourne.

With more than 14 years’ experience, Joe has previously held roles in the finance and property industry where he established his in-depth knowledge of the property market and the end-to-end sales process.

Joe has developed enduring relationships throughout the industry with developers, property owners, investors and buyers.

He has managed more than 550 property transactions throughout his career, using his property marketing, sales and negotiation skills. Some of Joe’s highlight transactions in 2021 include the recent sale of a site in Northcote ($58m+), the sale of 62-94 Jacksons Road, Mulgrave ($30m+) and the sale of 52 Golf Road, Oakleigh South ($33m+).

Joe has a long list of qualifications, equipping him with a broad range of skills and knowledge relevant to his role within the team. He is known for his driven and tenacious attitude to his work and his focus on delivering the best outcomes for his clients in all scenarios.

“I thrive on achieving outstanding sales results for my clients and building strong relationships within the industry. I am incredibly proud of the record results we have achieved over the past 12 months, during a challenging period in the market. As a team we have been proud to maintain 50% market share across the Metro Development Site Sales market in 2021.” – Joe Kairouz  

About Colliers Residential Victoria

For over 20 years, Colliers Residential Victoria has been a leading force within the residential property industry, offering clients access to global networks and an unrivalled level of experience and knowledge. With expertise spanning Build-to-sell & Project Marketing, Build-to-rent, Development Site Sales, Research and Strategic Advisory, the business has been involved in Melbourne’s largest, most defining projects. Colliers Residential Victoria has represented hundreds of developer clients, sold more than $20billion worth of apartments, helped pioneer the Build-to-rent sector and maintained the number 1 position in the Development Sites market with more than 30% market share.

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