Client Profile
Location: Fairlight, Sydney
- Buyer Type: Developer
- Goal: Purchase an off-market site suitable for duplex or knockdown/rebuild development, with delayed settlement
Situation
Our developer client was seeking a flat block in Fairlight that met the following criteria:
- North-to-rear orientation with ample sunlight
- Located on a family-friendly street within walking distance of schools and major shops
- No easements and the ability to build under the CDC process for efficient project approval
The client’s preference was to purchase off-market only and secure a delayed settlement, allowing for flexibility in planning his next project.
Challenges
Finding a suitable site in Fairlight presented specific challenges:
- Tightly Held Area: Fairlight’s high demand and limited availability made it challenging to find suitable development sites.
- Time Constraints: As a time-poor developer, the client required efficient property selection and due diligence.
- Competitive Price Point: Securing an off-market property in such a high-demand area required strong negotiation and exclusive access.
Our Approach
To meet the client’s needs, we focused on off-market access, detailed due diligence, and a strategic negotiation approach.
- Exclusive Off-Market Search and Agent Relationships
Leveraging our agent relationships, we gained exclusive access to off-market opportunities that met the client’s criteria. Within a week, we identified a 433 sqm block with north-to-rear orientation on one of Fairlight’s best streets, aligning perfectly with the client’s specifications for development potential and family-friendly location. - Thorough Due Diligence and Site Analysis
We conducted in-depth due diligence, including a comprehensive assessment of site suitability for the CDC process and feasibility of the client’s desired development plans. This detailed analysis ensured the property would maximize value for the client’s project. - Strategic Negotiation to Secure Below Valuation
By negotiating directly with the vendor and agent, we secured the property with 0 competition, ensuring exclusive access and favourable terms. Acting swiftly, we successfully closed the deal at $150,000 below our independent valuation with a six-month settlement, meeting the client’s budget and timeline requirements.
Outcome: Securing a Prime Development Site Off-Market with Delayed Settlement
Within a one-week timeframe, we successfully secured a 433 sqm north-to-rear block on a top street in Fairlight. This off-market purchase, achieved below valuation, provides the client with an ideal site for duplex development under the CDC process and a delayed settlement that aligns with his project timeline.
Key Benefits to the Client
- Exclusive Off-Market Access: Gained exclusive access to a prime development site, avoiding market competition.
- Comprehensive Due Diligence and Site Feasibility: Conducted in-depth analysis to ensure the site met CDC requirements and the highest use for development.
- Strategic Negotiation and Cost Savings: Secured the property at $150,000 below valuation, providing significant savings and meeting the client’s timeline with a delayed settlement.
