Buyer: A mix of private developers and owner-occupiers
Services provided: Brokerage for the sale of 10 lots totalling 6.0358ha
Colliers was given the opportunity to present to the market 6ha of industrial zoned land, spread across 10 titles, which is a notable amount of land for the Hamilton region. The challenge was to ensure the values of the sites were maximised while selling all of the available sites to deliver the optimal outcome for the client.
The land was provisionally valued at $550 per square metre. Colliers devised a strategy to maximise the gross realisation of the overall parcel of land by identifying some of the most appealing sites to sell first. Doing so provided a benchmark for future sale values and a body of evidence to present to prospective purchasers about the ongoing demand in the market for the sites. We also utilised our expansive network of Brokers across multiple offices to ensure we had strong local knowledge and national contacts to connect with a wide range of buyers.
Significant interest from local buyers saw the outside blocks sold to a pair of high-profile owner-occupiers, which created momentum and demand for the sites. After these sales, there was further interest in some of the larger sites from an adjoining owner, leading to sales to owner-occupiers and two Auckland-based private developers.
The entire parcel of land was sold prior to the deadline in approximately two weeks at $650 per square metre with a gross realisation of around $40 million. This represented an outstanding result for the client and set a new benchmark for industrial land value rates in Hamilton.
Interested in seeing more of our services in Hamilton? We offer a comprehensive range of services for real estate in Hamilton delivered by a market-leading team.