Why this site was chosen: Quality warehouse, duplex development with its own hardstand and street access in a low-vacancy area.
Negotiation strategy: The property was reasonably priced, the Vendor knew this and was inflexible at their minimum price point. Valuation was $1.3m to $1.4m and we knew there was little opportunity for negotiation. A low-ball offer would only have encouraged competition. Our strategy was to work fast, be comprehensive and obtain a deal before the property attracted higher offers.
Very unusual to find a freehold property with own hardstand and street access at this price point. These features will support ongoing rent appreciation and capital growth and will mitigate against vacancy.
