Stonebridge Property Group have completed a successful portfolio auction, selling all three sites presented under the hammer in a portfolio known as the Eastern Townhouse Development Portfolio.
All three sites are suitable for townhouse development, and located at the following addresses:
6 Malcolm Crescent, Doncaster
27 Box Hill Crescent, Mont Albert North
79-81 King Street, Templestowe
Acting under instructions from Administrators, Sam Kaso from Cor Cordis, the three properties were presented to auction following a highly enquired Expressions of Interest campaign, which returned more than 300 enquiries and 84 offers.
As a result of this response, the strategic decision was made to convert the sales process to an auction, which resulted in excellent outcomes, summarised below in the table highlighting the value uplift:
|Property||Highest EOI||Auction Result||Margin|
|79-81 King Street, Templestowe||$3,400,000||$4,170,000||$770,000|
|6 Malcolm Crescent, Doncaster||$3,200,000||$3,625,000||$425,000|
|27 Box Hill Crescent, Mont Albert North||$1,530,000||$1,700,000||$170,000|
Stonebridge Partner, Julian White, who marketed the portfolio along with colleagues Dylan Kilner and Chao Zhang said “the decision to move the process to an auction scenario created a major uplift in value for the vendor. We had 20 individual bidders at auction which highlights the depth in the market for townhouse development in suburban Melbourne. Our team was able to very effectively harness the current strength in the residential market to give confidence to buyers to bid aggressively on these sites” Mr White concluded.
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