In a competitive market where quality commercial properties are highly sought after, a rare freestanding property located at 458 Enoggera Road, Alderley, Brisbane, was brought to market as part of a deceased estate portfolio. The property, previously occupied by Taubmans Professional Trade Centre and extensively refurbished by Exercise Health Australia, attracted significant attention due to its strong lease agreement and potential for future development.
The Challenge
The property, positioned on a 1488 square metre site with two-street access and featuring a 678 square metre building with 14 car park spaces, was marketed when the commercial property market had yet to recover fully. Despite these challenges, the key objectives were clear:
- Maximise Interest: Attract a wide range of potential buyers through a robust marketing campaign.
- Secure a Sale: Ensure that the property sold at a competitive price, ideally offering a strong yield for the buyer.
- Highlight Development Potential: Emphasise the property’s long-term development upside to appeal to investors looking for both passive income and future capital growth.
The Strategy
Gavin Moore and Guy Stafford of McGees Property led the marketing and sales efforts for the Alderley property. They executed a comprehensive four-week marketing campaign that successfully generated substantial interest, including 43 inquiries and five active bidders at auction. Their strategy included:
- Targeted Marketing: Leveraging their deep understanding of the local market, Moore and Stafford targeted local and interstate investors, focusing on those interested in properties with strong leasing arrangements and development potential.
- Highlighting Key Features: The team strategically highlighted the property’s prime location, existing lease to Exercise Health Australia, and significant refurbishment, making it an attractive proposition for long-term passive income.
- Auction Campaign: Despite a challenging market, the auction campaign was meticulously planned to ensure maximum visibility and competition among potential buyers.
The Outcome
The property sold after auction for $2.25 million to a private investor who was drawn to its dual benefits of passive income and long-term development potential. The sale realised a yield of 5.6 percent, reflecting the property’s strong value proposition in a recovering market.
Gavin Moore noted that the property’s quality and location in a well-known precinct made it a standout investment. Despite the broader market challenges, the successful transaction underscores the effectiveness of Moore and Stafford’s marketing and negotiation skills.
Guy Stafford highlighted the campaign’s success in attracting strong interest from other commercial property agents. He expressed optimism about the market’s recovery in 2024, reinforcing that well-presented, quality stock will always find buyers.
The sale of 458 Enoggera Road is a testament to Gavin Moore and Guy Stafford’s expertise in navigating complex market conditions to deliver outstanding results for their clients. Their ability to craft and execute a tailored marketing strategy ensured that the property attracted competitive interest, ultimately leading to a successful transaction that met the client’s objectives of securing a strong price and positioning the property for future development potential. This case study illustrates their commitment to delivering seamless and profitable outcomes in the commercial real estate market.
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