The Old Courthouse at 149 Shore Street North, Cleveland is a landmark, heritage-listed waterfront property with a long history. For more than 20 years it had been leased to a single operator and traded as a well-known restaurant and wedding venue. Following unsuccessful lease renewal negotiations, the tenant exited the property in December 2024, presenting the owner with a significant decision about the asset’s future.
As a long-term client, the owner engaged RWC Bayside to provide strategic advice on repositioning the property for sale. After undertaking a substantial clean and make-good process, it was determined that vacant possession created a compelling opportunity for owner-occupiers, particularly hospitality and event operators, to acquire the property and undertake a comprehensive renovation to reimagine the space. While the heritage-listed nature of the building introduced certain complexities, it also highlighted the property’s unique character and contributed to strong market interest.
To secure the listing, RWC Bayside adopted a 360-degree view of the asset and developed a tailored marketing strategy designed to engage both investors and owner-occupiers on a national scale. The campaign integrated digital, print and direct communication channels to ensure consistent exposure across multiple touchpoints. This included premium placements on major commercial property portals, targeted advertising in national financial media, and industry-specific exposure through hospitality and events publications. High-quality photography, videography and a detailed information memorandum were prepared to clearly articulate the property’s potential and drive enquiry.
A proactive earned-media strategy further extended the campaign’s reach. A comprehensive press release generated coverage across major television networks and leading print and online publications, significantly amplifying awareness beyond paid advertising channels and reinforcing the property’s profile as a standout offering.
The auction itself was carefully orchestrated to maximise impact. Timing was carefully selected to coincide with high tide, showcasing the property’s 20-metre bay frontage, while a crackling open fire and classical pianist enhanced the atmosphere. More than 100 attendees were on-site on the day, with eight registered bidders actively participating. The RWC Bayside team managed the process with precision, engaging closely with buyers and negotiating effectively with the leading contenders.
The campaign resulted in 50 enquiries, 12 inspections and a competitive auction environment, culminating in the property selling under the hammer for $4,000,000.
This result demonstrates the value of a considered, end-to-end sales strategy. By fully understanding the complexities and opportunities of the asset, and executing a highly detailed, multi-channel campaign, RWC Bayside was able to generate depth of enquiry, competitive tension and a premium outcome for the owner. The successful sale reflects not only the quality of the property, but the importance of strategic advice, precise timing and disciplined execution throughout the process.
The new owner is now undertaking substantial renovations, set to give new life to this iconic building and its waterfront setting.
For all your commercial property sales and leasing requirements, contact Nathan Moore or Alex Sinclair at RWC Bayside.
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Nathan Moore | 0413 879 428
Alex Sinclair | 0487 183 573
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