A prominent 1,189sqm inner city site has recently been snapped up by local real estate agency Abel Property for $2.4 million.
The property, located at 622 Newcastle Street in Leederville, holds immense development potential and garnered a great deal of interest from local and interstate developers.
Realmark Commercial initially launched an on-market campaign for the property, which generated significant interest from both local and interstate developers.
Notably, they received a dual site sale offer from an interstate developer. However, faced with an astonishing $10 million increase in construction costs, Realmark Commercial made the strategic decision to take the property off-market.
Rather than allowing the property to remain idle, Realmark Commercial promptly secured a lease for one of the rear units and worked diligently to retain the existing tenant in the middle unit.
This proactive approach not only ensured a steady stream of holding income but also protected the property's value during the delay.
Fast forward 12 months, in the face of increasingly challenging market conditions, the property was successfully sold for the same price it had achieved a year prior.
This remarkable accomplishment is a testament to the unwavering dedication, exceptional negotiation skills, and deep market knowledge demonstrated by the Realmark Commercial team.
Despite the evolving landscape of the market, they skillfully navigated the complexities to deliver optimal results for their clients. This achievement speaks volumes about their commitment to excellence and their ability to adapt and thrive in even the most challenging real estate environments.
By leveraging their extensive network, market insights, and innovative strategies, Brent Griffiths and Michael Richardson have demonstrated their prowess as top-tier real estate agents.
Whether it's navigating challenging market conditions, finding innovative solutions, or securing optimal outcomes, Realmark Commercial has proven time and again that they are the go-to experts for all your real estate needs.
