The sale of 66 & 68 Hammond Avenue came at an important point for our vendor, who was preparing for retirement following a long-standing connection to the property that began in early childhood, when his parents occupied the site. Seeking guidance on the best way to navigate the sale, the vendor turned to our Commercial Agent Geoff Seymour for direction on how to approach the market while maintaining privacy around the offers received. It was a sale where considered advice and a clear strategy were particularly important, helping the vendor move towards the next chapter while allowing time to wind up the business and transition from the property.
Positioning two substantial sites for the market
With each block offering approximately 872.6 sqm of land, along with existing improvements of approximately 272 sqm at 66 Hammond Avenue and 333 sqm at 68 Hammond Avenue, the property presented a number of potential opportunities.
An Expressions of Interest campaign was recommended to provide a structured five-week process and allow the family to consider offers privately. Its position on the Sturt Highway was expected to attract interest from service station developers, while the age of the existing improvements meant the property could also appeal to investors and owner-occupiers at an attractive price point.
Navigating different buyer expectations
The campaign generated interest from developers, however it became clear during the process that demolition costs would affect the level they were prepared to pay. This presented a challenge in achieving the price required by the vendor.
Early in the campaign, a neighbouring property owner also expressed interest. Fitzpatricks was able to work with the prospective purchaser to allow time for their finance application and provide an opportunity to submit an offer subject to those terms.
An outstanding result in 79 days
The campaign ultimately resulted in a sale at the vendors asking price after just 79 days on market. Importantly, the outcome provided the vendor with a result they were satisfied with, while allowing a suitable timeframe to wind up the business and remove machinery and fittings from the property.
A sale shaped around the vendor's priorities
The sale demonstrates the value of choosing a campaign structure that reflects the circumstances of the vendor. The Expressions of Interest process provided privacy and flexibility throughout the negotiations, while the campaign allowed Geoff to assess different buyer groups and work through the practical considerations affecting their offers to reach an outcome that suited the vendor's retirement plans.
A fitting farewell to a long-held property
It was an honour to work with one of nature’s true gentlemen throughout the sale of 66 & 68 Hammond Avenue. Thank you to the vendor for placing your trust in Fitzpatricks Commercial and allowing us to guide you through such an important milestone. It has been a privilege to assist you through this transition, and we wish you every happiness and a well-earned retirement in the years ahead.
