This industrial factory was sold on behalf of beneficiaries of an estate. The current tenant wanted to stay on site and so a new long term lease was pre-negotiated prior to Auction.
We decided to Auction the property to ensure the beneficiaries received the maximum result and an unconditional contract. With a 5+5+5 lease in place we directly targeted investors looking for stock under $1m. We ran a 4 week campaign with a good mixture of print media and internet marketing.
The Auction was a terrific success and achieved a sales price far in excess of what the owners were expecting. We had 12 registered bidders on the day and the lot sold for a yield of 6.5% at $735,000 under the hammer.
|Listed Date||1 July 2016|
|Offers||Sold at Auction – 12 registered bidders|
|Sales Date||31 August 2016|