Skip to main content Skip to footer

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 25+ years’ experience in the commercial real estate industry including over 23 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 investment sales between $10 million - $80 million is unrivalled.

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

View expert

Rachael Clohesy

Director | Capital Markets

Melbourne East

Rachael works closely with a specialised team of senior, industry leading professionals focused on servicing the Australian Capital Markets sector of the Investment Property industry. Rachael is an expert in the City Fringe and Metropolitan office markets. 

Since 2017, Rachael has been involved in over $500 million worth of commercial real estate transactions throughout Metropolitan Melbourne including the following:

·       Building 10, 658 Church Street, Richmond for $92.5 million on behalf of BlackRock

·       14-22 Grey Street, Traralgon for $24.4 million on behalf of SHL Nominees

·       347-351 Burwood Highway, Forest Hill for $45.8 million on behalf of Tallen

·       600 Church Street, Cremorne for $50 million on behalf of ICON

As a Director, Rachael is involved in all aspects of the campaign lifecycle. She is responsible for preparing financial modelling and submission, campaign management, negotiations with buyers and coordinating due diligence.

Rachael’s experience as a Certified Practicing Valuer enables her to develop and maintain strong working relationships with major institutional and private clients across the Melbourne metropolitan commercial property market.

View expert

Leon Ma

Associate Director, Asia Markets, Melbourne City Sales | Investment Services

Melbourne CBD

Leon Ma is an Associate Director in the Melbourne City Sales and Asia Markets team, 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.

View expert

Joe Kairouz

Manager, Development Sites | Residential

Melbourne East

Joe is a Manager in the Melbourne Development Sites team with over 14 years of experience. He specialises in the sales of residential & mixed use development sites in the Melbourne Metropolitan market. Joe commenced working with Colliers in 2017, following ten years across the finance and property industries. His thorough and technical understanding of both the finance and property industries allows him to grasp the end-to-end process for clients, vendors and buyers.

Joe is a Licenced Real Estate Agent and holds several qualifications and professional associations.

View expert