Situated on a high-profile corner, 113 Russell Street, Cleveland had served as a workshop for over 50 years and included a mix of buildings, accommodation, and a large sealed hardstand with a fenced rear yard. The Principal Centre zoning presented a myriad of possibilities, including stand-alone commercial ventures, mixed-use developments, and higher density residential projects.
The property hit the market in mid-2022, with the current occupier, a mechanic, looking to offload the property as part of their retirement strategy. However, the sale encountered challenges amid the perfect storm of escalating building costs and rising interest rates, causing a dip in demand for smaller redevelopment sites.
Undeterred, Nathan Moore and the team at RWC Bayside persisted with the process, determined to unearth the property’s untapped potential. This dedication was rewarded when they identified an owner-occupier with vision beyond the existing structures and a plan to demolish the current facilities and replace them with a state-of-the-art, two-level office building, earmarked as their corporate headquarters.
Nathan’s ability to adapt to market fluctuations, persistence in the face of challenges, and expertise in identifying unconventional opportunities are what set him apart. As the architect of this successful transaction, Nathan seamlessly orchestrated the convergence of the seller’s retirement strategy with the buyer’s corporate expansion goals.
If you’re looking for strategic excellence in commercial property, contact Nathan Moore at RWC Bayside today.
Nathan Moore – 0413 879 428
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