CapStra was exclusively mandated as the transaction manager on the sale of a prominent development site in Double Bay, NSW. The site was DA approved for a mixed-use development with ground floor retail and basement parking.
CapStra managed the delivery of a national Expression of Interest marketing campaign on behalf of the vendor.
The on-market divestment process involved the services of a national agency house (CBRE) for distribution, collation of all due diligence material and preparation of marketing material. Capstra retained control of negotiations on behalf of the vendor
Over 200 parties registered their interest in acquiring the site with 14 parties submitting bids prior to the EOI close date. A shortlist of 6 parties was selected to participate in a second-round bid process.
CapStra was able to negotiate the sale and secure an exchange of the property within a week of the final bid closure date.
The purchase price achieved was 15% above what the major agency houses were quoting as market value.