Sold: Airport Self Storage Marcoola. “It felt like speed dating.”
By Rob Stanley-Turner:
Airport Storage & Parking in Marcoola on the Sunshine Coast sold in December 2017.
Back in early 2017 when I first spoke with the owners, we discussed my recommendations as to sale format, optimal timing, finding the likely buyers and the best price strategy. We explored valuation concerns, the maturity of the complex and potential for development, syndication opportunities, use of site-link /Storman reports, foreseeable risks, possible objections and average yields. We knew the presentation of the performance reports was crucial, to help underpin purchasers’ discussions with bankers and valuers.
The owners agreed with my recommendation for an expression-of-interest campaign beginning at the SSAA convention in Queenstown, New Zealand—so I flew over to discuss the features of the property with most of the leading players and owners. I had so many meetings in such a short time, it felt like speed dating!
Then the hard work began. The key to the very best price and terms is having potential buyers in the competition so I designed a marketing campaign that would also attract developers, real estate syndicators and investors from outside the industry.
This translated to over 50 genuine enquiries, a dozen serious inspections and some spirited bidding in the final stages.
This groundswell of interest resulted in a sale price of (drum roll…)
$4.5 million, on an incredible yield!
What great vendors, a great property, and a great sale.
For further photos and video please click through to our listing page HERE