"Packaging" and Sale

The real challenge here … was to "remove" the impediment of the property being an Historic Building.

This was done by preparing concept plans for three alternate uses.

Gardner+Lang’s successful strategy was to engage an architect to prepare detailed schemes for:

• an international hotel;
• extensively refurbished offices; and
• residential apartments.

Then (because the building was Government-owned) we proposed that the Historical Building Council should provide separate written opinions as to each schemes acceptability - something the Council had never done prior to a new owner actually purchasing a property.

This strategy meant that Gardner+Lang were appointed ahead of both Knight Frank and Jones Lang.

The benefits from adopting this approach were two-fold …

1. The Transport Corporation obtained a sale price of $5.2 million - being $2 million above the two independent valuations used to set the reserve; and
2. Gardner+Lang were awarded the inaugural Best Overall Marketing Campaign by The Age and the REIV ⁽¹⁾

As you’re probably aware, the ultimate purchaser developed the property into a combination of residential apartments and an international hotel.

 ⁽¹⁾ Since then … we’ve managed to win a further six similar Marketing awards.