COMPLEX COMMERCIAL

PROPERTY DISPOSAL

COMPLEX COMMERCIAL
PROPERTY DISPOSAL

Background:

This was a substantial property with development potential, but with significant contamination, which needed to be considered as part of sale.

 

Property was owned by father, however was being sold under sole Power of Attorney due to father being incapacitated.

 

There were multiple beneficiaries (all siblings, one was the Attorney) with wildly differing views on value. 

Problem 1:

Sole Power of Attorney was concerned that regardless of sale price, he would potentially be blamed for 'underselling' the property.

 

Problem 2:

How to value the property and maximise the sale price given that the site had contamination.

Solution:

G&J built a transparent, yet multi-faceted strategy. This included multiple valuations of the raw land to establish a base value to placate beneficiaries.

We then investigated potential site yield with town planning and a massing study, and developed valuation briefing methodology.

In addition, we arranged for a detailed environmental audit and remediation quotation for potential buyers to be able to bid with confidence. This ultimately increased end price and removed the potential for buyer bargaining over site concerns.

 

Agents were interviewed and appointed. Agents, and the campaign, were managed by G&J. 

 

Outcome:

The property sold for an exceptional price. More importantly, the whole family was able to enjoy the journey. Family relations remained calm, and even improved via the transparent, commercial process.

WHAT

Old Petrol Station Site

WHERE

Melbourne

VALUE

Circa $10m

BE IN 
TOUCH

We work across metropolitan Melbourne and parts of regional Victoria.

Email: info@garciajones.com.au

Tel (03) 8679 6999

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