The Property: 5,046sqm freestanding industrial facility including 4,097sqm of warehouse and 949sqm of office/amenities with cranes, ESFR sprinklers, surplus yard area for storage or further truck maneuvering. Zoned IN3 Heavy Industrial.
The Challenge: We started the EOI Expressions of Interest campaign two weeks prior to COVID-19. In those first two weeks of the campaign we received an offer at fair market value that was well worth considering. Not knowing what was about to unfold in the coming weeks, the vendor was anticipating further strong offers to come in. As COVID-19 became more of a concern, our vendor was keen to ensure a successful transaction of the property and was realistic in pricing expectations. With moving market conditions, we maximised the outcome by ensuring competitive tension amongst the received enquiries to leverage to a 6% yield. The challenge of meeting the market conditions was the uncertainty and negativity that the media created at the onset of COVID-19. Financial institutions were also very difficult regarding confirming finance, which had the potential to lead to delays.
The Process: Sold via EOI campaign. Fab Dalfonso and Rino Gazzera over-serviced both the buyer and the client to ensure the deal was completed as there was so much negativity during this time. Fab physically hand delivered and exchanged the contracts via the solicitors to ensure that the deal concluded.
The Result: The EOI campaign ran with 17 enquiries, resulting in the property selling for $11,500,000 at 6% yield. As It was a positive outcome, the owner was very impressed by the result given the current climate.