Success Stories

NORTHCOTE 26-38 Merri Parade

  • SOLD March 2008
  • Property type: Development Site
  • Vendor client: Merri Investments Pty Ltd
  • Buyer calls: 75
  • Inspections: 35
  • Bidders: 17
  • Reserve price: $4,500,000 +

"Strongly-contested offering selling well-above market reserve!"

THE RESULT: SOLD to high-net worth individual for development purposes.
SALE PRICE: $5,557,000

Key Property Features:

  • Older style office warehouse building of (3,208m2 approx.)
  • Surplus land (utilised as car parking)
  • Total site area of 3,577 (approx)
  • Excellent corner position opposite Merri Creek
  • Walking distance to a variety of lifestyle precincts (i.e. High St, Westgarth & Brunswick St, Fitzroy)
  • Residential 1 Zone
  • Close to all public transport facilities & major arterial roads
  • Only 5 kms north of Melbourne CBD

Key Marketing Initiatives & Campaign Synopsis:

Given the building’s asbestos issue, the property’s requirement for an additional audit and the associated complexities involved in this process, the property was offered to the market place by Public Tender, allowing developers considerable time to undertake their due diligence.

Our 6-week Public Tender Campaign focused on targeting local developers. Marketing strategies implemented were designed to ensure pertinent property and sale information was disseminated effectively to our target market and incorporated.

THE CAPTION: "Enormous in Northcote"
SUB-CAPTION: "Substantial Island Development Site Opposite Merri Creek Reserve"
Highlighting the site’s size and ideal location for a residential development opposite the local reserve.

  • Newspaper Advertising (The Age and Property Review Weekly (Jewish News).
  • An additional 2-week lead-up period to prepare all necessary marketing material.
  • Signboard (12m x 8).
  • Full-colour double-sided brochure, incorporating aerial photography.
  • Direct mail out to 980 quality client contacts.
  • Internet advertising on prominent industry websites, including our own.
  • Comprehensive Tender documentation was provided to genuine prospective purchasers.
  • Reminder letters to all genuine purchasers distributed 3 days prior to Tender closure.
  • SMS text to enquiring parties 24-hours prior to Tender closing time.