The sale of 126 Edith Street, Wynnum, demonstrates how a well-executed sales strategy and targeted marketing campaign can drive strong buyer interest and ultimately result in a superior sale outcome.
The property is a single-storey brick building on an 810m²* block, strategically located opposite Coles in the Wynnum CBD. Comprising five tenancies (three shops and two offices), it includes rear parking and benefits from Major Centre zoning. Despite being fully tenanted at the time of sale, three of the five tenancies were on month-to-month agreements, and the rental income was approximately 35% below market. These factors presented both a challenge and an opportunity.
We had previously assisted the owner with leasing several years earlier and maintained proactive contact over time. When the decision was made to sell, the owner turned to RWC Bayside for advice. After considering the property’s qualities and fully understanding the likely buyer profile, we recommended against rushing to increase rents or locking tenants into long-term leases. Instead, we formalised the existing tenants on month-to-month agreements – this deliberate decision allowed the property to appeal to a broader buyer pool including investors looking to reposition and add value, developers eyeing the site’s potential, and owner-occupiers seeking a foothold in the Wynnum centre.
We carefully crafted a targeted marketing plan specifically designed to reach our customised target audience, and following a four-week Expressions of Interest campaign, we generated 76 enquiries, 8 inspections, and received 6 written offers. The strong level of interest culminated in a final sale price of $2,798,000, representing a passing yield of just 3.6%. This outcome exceeded expectations and validated the effectiveness of our approach.
A neighbouring property owner, who had previously made several off-market offers to purchase the site, was among the interested parties. Seeing the strong campaign response and realising the potential risk to unlocking the development opportunity of amalgamating the 2 sites, they significantly increased their offer over the course of the campaign to secure the purchase.
The key takeaway from this campaign is clear: while an off-market transaction could have delivered a swift result, it was the structured marketing and competitive sales process that drove genuine buyer interest and maximised the sale price. Understanding the buyer profile, knowing how and where to reach the target audience, and creating active competition in the marketplace proved to be the critical factors in achieving an exceptional result.
For tailored advice on commercial property sales and leasing in Wynnum/Manly and beyond, contact area specialist Benn Woods at RWC Bayside.
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