Industrial property and investments take centre stage at inaugural $60 million National Auction Event
Raine & Horne Commercial is excited for the upcoming and first-ever “National Auction Event,” scheduled for Thursday, 30 November 2023.
Jesse Davidson from auctionWORKS will be the auctioneer for the Raine & Horne Commercial National Auction Event, which will occur both in rooms in a Sydney central CBD venue and online.
This significant event for the Australian commercial real estate market will showcase an impressive assortment of 18 quality commercial properties, in aggregate valued at over $60 million. The properties going under the hammer encompass a broad spectrum of investment opportunities, vacant possession assets, and outstanding development prospects ranging in price from $500,000 to $14 million.
Chris Nicholl, Head of Commercial Network at Raine & Horne Commercial, said the auction event will feature a lineup of multimillion-dollar industrial property offerings, plus a mixture of office, retail, and medical suite assets.
Among the highlights is a multi-tenanted fully leased industrial investment opportunity on 7,447sqm of land at 106 Medway Street, Rocklea[i] in Brisbane. Listed by Sam Intelisano and Wayne Newberry from Raine & Horne Commercial Brisbane Southside, this property is expected to attract significant interest.
Additionally, a prime industrial development site on 2760 square metres located at 16 & 16a-18 Harp Street, Campsie, is expected to be highly sought after. Sammy D’Arrigo, Sales and Leasing Consultant at Raine & Horne Commercial Inner West/ Sydney South has listed this property for auction.
Expanding opportunities and collaboration through the National Auction Event
Significantly, the National Auction Event will appeal to a broad range of commercial real estate buyers from private clients, investors, self-managed super funds, developers, and investment managers, said Mr Nicholl.
“This deep pool of properties from city and regional markets is a testament to Raine & Horne Commercial’s extensive experience working with local and private clients since 1883 and our market presence nationwide,” Mr Nicholl said.
“The market is in transition and some of the major players in the industry have found it challenging to assemble a package of six to eight auctions. Our team through their connections to the market have managed to put together 18 from across the country.”
From a network perspective, Mr Nicholl highlighted the National Auction Event’s significance in communicating Raine & Horne Commercial’s office’s capabilities.
“By undertaking initiatives like this, we provide a national platform for our agents to market their vendor’s properties while still leveraging their invaluable local knowledge of their respective suburbs and towns, which has always been Raine & Horne Commercial’s competitive edge.
“In many cases, the potential for local buyers to bid and secure a property is high, but even if the buyer isn’t local, we’ve successfully created a nationwide opportunity for property acquisition.”
“Participants in this auction will benefit from unparalleled national advertising exposure at a lower cost than would be achievable via standalone auctions,” said Mr Nicholl.
“This exposure ensures that their properties are showcased to a vast national audience, ultimately fostering increased competition during the auction, which will be conducted in physical rooms and online.
Mr Nicholl continued, “Raine & Horne Commercial’s unique strength lies in its focus on working with SMEs, owners, investors, and developers of commercial properties that cater to local businesses nationwide. This specialisation allows us to maximise the benefits of the auction method for our vendors.”
More eyeballs on properties
Joseph Grasso, Director of Raine & Horne Commercial Brisbane Southside, whose office has two properties, including 106 Medway Street Rocklea, going under the hammer at the event, said the National Auction Event will expose the properties “to an increased number of eyeballs”.
He added, “We’re not looking just to cast a fishing line into the ocean and hoping to hook a fish. What we’re trying to do with the National Auction Event for our clients is to throw a net and then snag the best fish.
“Typically, a property located in Rocklea, for instance, might attract the attention of local investors in Brisbane. However, in this case, you could see interest from investors spanning a wide geographic range, from someone in Hobart to an investment fund in Perth.
“Alternatively, some individuals may not have Brisbane on their radar, but when they come across it at the National Auction Event, they may take a closer look and realise the favourable yields this city offers and transact.”
Luke Smith, Director of Raine & Horne Commercial Inner West/ Sydney South is another advocate of the combined auction. Mr Smith’s office has four properties, including the industrial development site at 16 & 16a-18 Harp Street, Campsie, and a prime 2,798 sqm corner development site at 41-47 Punchbowl Road, Strathfield South that benefits from a 3:1 floor space ratio.
“The National Auction Event will provide vendors and our agents with increased visibility and introduce the possibility of heightened competition,” he said.
According to Mr Smith, the event allows Raine & Horne Commercial to allocate additional resources as a group, ensuring a seamless process for all participants. “Knowing that we have, for instance, 18 properties available on that specific day is reassuring.
“Our team currently has four options, but we plan to have our entire team participate. Many others will likely follow suit, leading to an enhanced resource allocation that will result in an even more efficient auction process on the day.”
The National Auction Event will take place both in person at auctionWORKS at the Mezzanine Level, 50 Margaret Street, Sydney, and online. To access more details about the properties available at the National Auction Event or to register as a bidder, please visit https://www.rhcommercial.com.au/national-auction-event.