This strata property was initially sold off market with vacant possession to a group of private investors in March 2018 for $1,050,000. This group then leased the building to Kirana Colleges, a national training organisation on a 3 year lease.
The vendors then decided to capitalise on the strength of the investment market and sold the asset for the reserve price of $1,350,000. This delivered a $300,000 (29%) capital gain to the group in less than 4 months. The marketing campaign received 48 enquiries before the auction and was passed in. That afternoon we marketed the asset for $1,350,000 and received 64 new enquiries within 72 hours.
Within less than a week we had two signed contracts and ultimately achieved a sale at the $1,350,000 asking price. This result underpins the increasing levels of investor demand for well-located assets with national covenants.
|Vendor:||Private Investor Group|
|Method of Sale:||Auction|
|Sale Date:||July 2018|
|Net Rent:||$117,000 + GST pa|