CapStra was mandated as the strategic and financial advisor to The Benevolent Society in the divestment of its freehold interest at the Scarba House Site, Bondi. A site of c. 11,000m2 containing several obsolete buildings including the well preserved Scarba House, a historic two level dwelling built c. 1890.
In addition to providing initial market and feasibility assessments, CapStra undertook an Expression of Interest campaign on a “select tender” basis.
The Expression of Interest campaign yielded interest from more than 10 of the nominated parties with competitive tension managed throughout the entire sale process.
CapStra managed all relevant sale and due diligence documentation with the entire process from initial market approach to exchange and settlement completed in less than three months.
The site was sold to ASX-listed developer, Mirvac with the total consideration offered for the site c. 30% above the perceived market value.