A Straightforward Solution for a Complex Sale: 1-6 / 43 Pearson Street

The owners of 1-6 / 43 Pearson Street approached Fitzpatricks for assistance with separating the strata and updating the existing strata plan. While this process offered the potential to maximise the sale price, the work involved was proving costly, time consuming and increasingly frustrating for the family, which included multiple siblings.

Finding an alternative to a lengthy strata process

Drafting new strata linen plans, revising unit entitlements and establishing administration and sinking funds would have required significant additional time and expense. Recognising the family's frustration with the process, the focus shifted towards identifying an alternative pathway that could achieve a satisfactory outcome without the need to restructure the existing strata scheme.

A neighbouring opportunity takes shape

Fitzpatricks Commercial team Phil Lamotte and Geoff Seymour identified a neighbouring owner as a potential buyer for some of the strata lots, or potentially the entire site. Once negotiations commenced, it quickly became clear that the neighbour's interest extended to acquiring the property as a whole.

This created an opportunity to sell the site in its existing condition, without the need to alter the strata arrangements or undertake improvements beforehand.

A negotiated off-market outcome

Through direct negotiations, the property was sold off-market for $2,500,000. The unconditional contract provided the vendors with the certainty of a quick sale while removing the need for the family to continue with the costly and time-consuming strata separation process.

Matching the right opportunity with the right buyer

This sale demonstrates the value of understanding the circumstances surrounding a property before determining the best path to market. In this case, recognising the potential interest of a neighbouring buyer created a practical alternative to a complex strata process and delivered a result that satisfied the vendors while allowing the property to be sold as is.