Turning a negative into a positive

This high profile Nepean Hwy building was leased to a car servicing business, however the tenant was unfortunately placed into liquidation. We acted quickly, calling in the bond for our landlord and also engaging in correspondence with the liquidators.

As is often the case with liquidations, we worked with them assisting in the process of sorting through remaining stock and in this case the removal of cars from the premises back to their rightful owners.

This process was undertaken over the course of six weeks, with us as the managing agent liaising daily with the landlord to ensure the best process possible outcome and minimal disruption to their investment.

Solution

Once the clean-up and vacate was complete, we needed to quickly reposition the property to ensure minimal vacancy period. We commenced a leasing campaign which attracted numerous offers from brand name tenants.

It was decided to progress with the offer from car dealership group Brighton Nissan / LDV, who took out a long term lease.

Knowing the landlord’s intention was to now sell the property, we ensured the best lease terms were achieved and then we offered the property to the market as a leased investment.

Outcome

A formal Expression of Interest sales campaign drew several interested parties and a satisfactory offer to purchase was made. This price achieved exceeded the vacant possession value of the property by approx $1,500,000.

The NC Experience

After holding their investment property for many years, as part of their retirement strategy, the owners decided they had another use for their finances. We assisted with preparing the property for sale, putting in place a new tenant so that they could achieve the highest sale price.