In April 2019 Ray White Commercial Bayside undertook a campaign to sell 458sqm* of commercially zoned land on Cambridge Parade, Manly. The site has an 11.2m* frontage and under the neighbourhood plan has a building height limit of 10.5m*. The property had been leased by the owners to a local business as a sealed and securely gated car park for 15* vehicles.
The subject site is positioned on the main road leading into Manly Village, with many of the buildings being of a character nature. In accordance with development requirements, buildings along this “High Street” must be front aligned with parking at the rear; a difficult outcome on a narrow parcel. With these planning considerations and the campaign falling across school holidays and the 2019 federal election, the decision was made to carry out an extended 6 week EOI campaign.
Leading into the campaign it was anticipated that the buyer would most likely be a local business owner, due to the site’s size and boutique nature. However it was also imperative that all advertising channels were utilised in the campaign to leave no stone unturned.
The marketing campaign targeted local, regional and state-wide buyers, with advertising in the Courier Mail PrimeSite liftout, multi-tiered digital marketing and a comprehensive flyer/door-knocking program, making sure that every business and patron in the village knew the property was on the market. Off the back of this, a handful of enquiries came from the print and digital elements, however the bulk of enquiry generated was from local business owners, keen to secure a site in this tightly held enclave.
The campaign drew 3 offers from the market for consideration by the owners. Following negotiations, terms were agreed with a local business operator. Development of the site is now imminent.
|Sales Process||Expression of Interest|
|Sale Date||10 July 2019|
|Vendor||Microrose Pty Ltd|
|Purchaser||Sorrentino Family Holdings Pty Ltd|