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Case Study Agribusiness: Sorell Creek, Tasmania

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Challenge

BEKL, a Melbourne-based property developer, appointed the Colliers Agribusiness Team to market Sorell Creek for sale in April 2021. The property comprised a large-scale 718-hectare landholding on the outskirts of Hobart that benefited from frontage to the River Derwent and captivating views of the surrounding landscape.

The marketing campaign was complicated by the ongoing impact of the COVID-19 pandemic, specifically in relation to be able to conduct property inspections and satisfy the due diligence requirements of interested parties, given many of them were based interstate.

Strategy

The Colliers Agribusiness team conducted a rigorous and comprehensive international marketing campaign, leveraging the full suite of advertising initiatives available to them, and given this were able to build a competitive environment and maximise engagement throughout the process.

We utilised digital and virtual platforms to guide buyers through the offering, which was effective at mitigating the risks posed with not being able to conduct on-the-ground inspections for many of the interested parties who enquired throughout the campaign.

Results 

The high profile campaign was well-received by the market and generated more than 120 enquiries, with ten offers received at the close of the first stage of the Expression of Interest process. 

The property was sold shortly thereafter on an unconditional cash basis, selling to the buyer sight-unseen.

Testimonial

“The Colliers team did a great job in a challenging environment to create competitive tension and present Sorell Creek to a broad pool of purchasers. We were very pleased with the outcome and in particular the speed at which the Colliers team were able to present us with several offers for our consideration.”

Katherine Liu
Managing Director
BEKL

 

Related Experts

Duncan McCulloch

National Director | Transaction Services | Agribusiness

Agribusiness

Melbourne CBD

Duncan is a National Director within the Agribusiness Transactions Services team, with a background steeped in corporate advisory and restructure over a broad range of industry sectors, in particular property and agribusiness.

He has wide experience and a substantial record of achievement in optimising value and implementing practical divestment solutions in the sale of large-scale rural landholdings and businesses across all industry sectors, including but not limited to livestock, dairy, irrigated and dryland cropping, horticulture, viticulture and forestry.   

This includes specialist knowledge from initial assessment, sale strategy and marketing, price maximisation, negotiation, evaluation of highest and best offers and management of contract execution.

Duncan is based in Colliers International’s Melbourne office, responsible for the disposal of assets across Victoria, Tasmania and Southern New South Wales.

View expert

James Beer

Director | Transaction Services | Agribusiness

Agribusiness

Melbourne CBD

James is a Director within the Agribusiness Transaction Services business line, with over five years’ experience in the divestment of large scale rural holdings across all asset classes.

He has an extensive background in marketing and sales strategy, having successfully transacted several properties across various agricultural commodities, including livestock, dairy, irrigated and dryland cropping, horticulture and viticulture, to name but a few. 

James is based in Colliers International’s Melbourne office, responsible for the disposal of assets across Victoria, Tasmania and Southern New South Wales.

View expert