154-158 Bernard Street, Cheltenham

The campaign attracted in excess of over 45 inquiries. From these inquiries 15 contracts were issued with 5 parties identified as potential buyers in the lead up to the auction. The main challenge we faced with this campaign was directly related to the tenant and his intentions regarding the next 5 year lease option, coming up in February 2019.

The tenant was not forthcoming with his plans until only approx 2 weeks out of the auction. This meant that we had a number of buyers such as owner occupiers, investors and and developers simply sitting on the fence until the very last minute.

After numerous delicate discussions with the tenant, we were able to obtain in writing from that they would not be continuing with the lease. While this immediately eliminated several key investors, we were able to secure a sale under the hammer for $4,100,000, which equated to $1311 psm on building value or 5.7% ROI based on the current rental income.