"I am 85 years old and I know what I want.”
Two shops owned by the family for 90 years and almost in original condition.
What needed to be solved
It was time for the inheritance to be distributed and there were 3 beneficiaries. The first challenge was to explain the property value had no bearing on each family member getting $1million each.
The leases were old and bond monies missing all of which were sorted prior to marketing. Determining the highest and best use was fundamental as the property was clearly a development proposition.
The value was determined by a detailed sales analysis and explanation on how purchasers’ determine value. In determining the highest and best use which was also required to determine value, we engaged an architect to provide schematics.
We placed the property for auction, notwithstanding some hesitation by our vendor but over numerous meetings a wonderful trust had been created.
Our pre - auction strategy came to fruition with active bidding from our three Team A buyers. The property sold after competitive bidding for $2,650,000, 25% above our initial estimate