The property also boasted heavy foot traffic with a range of potential clients, due to its close proximity to the likes of 24-Hour Wembley Supa IGA, Shell Coles Express Service Station, Australia Post, Wembley Medical Centre, The Wembley Hotel, Lawley's Bakery & Cafe, RoyAls Chicken and Burgers.
As a result, it became imperative to attract the right buyers in order to secure an effective sale.
Realmark Commercial Sales and Leasing Consultant Alix Proudlove explains the importance of the team working with the seller and their desires, but also trusting their experienced property expertise to achieve the desired result for the client.
“The property came to our retail team on a vacant possession basis with the owner wanting to sell as the property was surplus to their initial need to occupy the premises for their business,” she said.
“However, rather than moving to sell straight away, to get the best result for the seller we firstly secured two tenants to improve the value of the asset as a leased investment.
“We initially took the listing to market under a Set Date Sale campaign which gained a considerable amount of interest.
"Upon closing of the campaign we were able to present multiple offers to seller, however in difference to our advice the seller chose to pursue the highest and riskiest of the offers presented, and in the process lost all offers on the table.”
Ms Proudlove explains the campaign was then amended to a standard Offers Invited campaign, before proactively introducing the listing to a buyer’s agent who was able to secure an eastern states-based buyer.
“Transitioning the process to offers invited opened the listing up to various more interested parties, until securing a buyer from the Eastern States,” she said.
But, as the negotiations ran smoothly between all parties involved, an interest rate hike in the middle of this campaign threatened to add unforeseen complexities to the transaction.
“Rate hikes can sometimes create a bit of uncertainty, but I believe our transparency with the owner and buyer throughout the campaign allowed for all parties to feel secure in the property sale and we achieved a desirable result on everyone’s behalf,” Ms Proudlove said.
“Boasting a strong annual net rental of just under fifty-four thousand dollars, 339 Cambridge Street is an asset a lot of investors wanted to get their hands on, so we were able to still achieve a good yield for the property and a successful campaign overall.”