Case Study: Overseas buyer mandates tight deadline
Part of the benefit of engaging a good commercial property buyer’s agent is their ability to foresee and address challenges before they arise.
This was particularly evident in a recent deal for an overseas client that contacted us to find him an industrial property in the Perth metropolitan area.
The client, an English-born Australian resident living in Qatar, provided a specific mandate to our consultants for a small industrial property for private use that comprised:
– Highest possible trusses
– Sea container access
– The ability for light fabrication
– 180-200sqm in size
– General industrial zoning
– Located in the northern industrial belt
– Under $400,000 +GST
The client also had one more directive – he needed to secure the property in just 4 weeks’ time.
With this criteria and the looming deadline in mind, our consultants launched a short 2-week request for proposal campaign and liaised with their extensive network of commercial selling agents, property managers and fund managers.
At the end of the campaign, our consultants compiled a shortlist of potential properties, which we inspected, appraised and provided a detailed price comparison guide before recommending a premise in Malaga, about 13 kilometres north of the Perth CBD.
With the client happy to proceed with the acquisition, our consultants were on a tight deadline to negotiate the deal, and to make matters more challenging settlement was likely to fall in a key holiday period, which may have delayed proceedings.
We also liaised with the selling agent and the vendor to confirm they were organised for a quick settlement and managed the client across 3 time zones so he was prepared to travel to the Australian consulate in Dubai to submit the necessary paperwork on time.
With the lender’s valuation coming in as expected, the client’s finance was approved and settlement proceeded.
After the vendor placed the property on the market for $395,000 +GST, we were able to secure the premise for $365,000 +GST and get the deal across the line.
Needless to say, our client was extremely happy with the outcome, particularly given the tight deadline.