The Brief

We were engaged by our client to project manage the sale of their investment property in Darlinghurst. Before appointing a selling agent and going to market, we advised our client it would be beneficial from a market worth prospective if they obtained a strata approval (The property was one title only). The owners agreed with the advice and instructed us to progress forward and manage the approval process. The Approval process involved dealing with town planners, certifiers, builders, engineers, surveyors etc. After a lengthy process we obtained strata approval. Having this approval would allow a buyer the option to sell the property in one line or sell off the apartments individually. We advised our clients to sell the property in one line as we believed that there would be solid interest despite the market slow down. We proceeded forward and appointed a selling agent to auction the property. After a 4-week marketing program, the property was auctioned on-site.

The Outcome

Multiple registrations, competitive bidding which resulted in achieving $25,000 over the reserve price. Having a strata approval in place was the key factor in attracting potential buyers. We worked closely with the appointed agent as there were multiple questions raised about the conditional approval.