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07 Apr

Stock shortage fires up off-market deals

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128-130 Rothschild Ave, Rosebery. Photo: supplied Three adjacent commercial terraces at 247, 249 & 251 Bronte Road, Waverley, are being sold in stock-starved east Sydney. Photo: supplied

The lack of supply for investment-grade properties has led to more vendors going off-market to achieve strong results.

Unsolicited advances, where owners get a knock on the door, are now becoming prevalent and also allowing agents to tap into their databases to match a buyer with a seller.

While savvy investors are not willing to pay over the odds, they are nonetheless keen to look for off-market deals to get a foothold into the safe haven bricks and mortar sector.

One of the latest examples involves 128-130 Rothschild Ave, Rosebery, a four-level commercial building that  is being offered through CBRE’s Sydney capital markets  associate director Tony Braham​ and Property Partnership Australia’s director sales & leasing Stephen Bowrey​.

Mr Braham said the off-market expressions of interest campaign has already attracted significant buyer interest.

“In an extremely stock-starved market, we’re finding that we can achieve great results for our clients without the need for on-market campaigns,” Mr Braham said.

According to the agents, the Rosebery building has development potential, subject to relevant planning approvals.

Mr Bowrey said the ongoing regeneration of the Rosebery area and the property’s development potential had underpinned strong interest from developers and land bankers.

Mr Braham added that Sydney’s east is also underpinned by the falling interest rates, record low yields and limited stock on the market, which is contributing to increased buyer competition and rising property values.

Demonstrating this trend, Mr Braham has recently been appointed to sell a long-term family holding of three adjacent commercial terraces at 247, 249 & 251 Bronte Road, Waverley.

“With a historically low level of listings currently on market, this retail/commercial offering in the trendy but tightly held Charing Cross/Queens Park shopping strip represents a major generational change in property ownership in Sydney, with many families now considering the sale of their long-term property holdings,” Mr Braham said.

The 500 sq m amalgamated site has been held by the same family since the 1950s, previously housing the retail and manufacturing arm of the family’s children’s wear clothing manufacturing business Ista Fashions.

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