In 2015 Hamish Henderson and the owner of 32-36 City Road Chippendale connected. Hamish provided a market rental appraisal and gave advice on the best way forward with his current tenant Toby’s Estate, who remain the occupier of the building today.
Hamish continued to nurture thisrelationship based on genuine and honest market advice, updates on sales and leasing results in the area and general conversation around the Commercial Property Market as a whole. Nearly 8 years on, the owner kindly honoured the relationship and appointed Hamish and the team at TGC Property Group to sell the building.
With Christmas fast approaching and off the back of 8 interest rate rises at the time, the decisionwas made to take the property to market with the view of using the statutory holiday as a drop-dead date, as it would be difficult to gage market interest with a campaign in the new year, given the economic uncertainty.
TGC Property Group implemented a very compelling marketing campaign,highlighting the aesthetic appeal of the building, the strength of the location and covenant of tenant in Toby’s Estate. With 50 enquiries coming in within the first 48 hours and a total of 156 enquiries over 4 weeks, the general feedback was very mixed. Many enquiries loved the quality of building, location and warehouse conversion potential however, struggled with the under-market rental value for the remaining 4 1/2 and a half years.
TGC Property groupreceived 5 offers with varying prices and conditions. The headline offer wasinitially negotiated to an acceptable level although technical aspects of thelease and timing on funding forced the buyer to withdraw from the sale. Wastingno time, TGC Property Group relaunched the property with an advertised price of$8.2 million. Subsequently two buyers emerged both pushing to seal the deal before Christmas. As a result of transparency to both parties, the purchaser exchanged on a price of $8 million on favourable conditions, at 9pm on the 23dof December 2022. All parties worked tirelessly to get the result.