The inaugural Raine & Horne Commercial "National Auction Event" held on 30 November 2023 in rooms and online, generated over $40 million in total value sold from the successful sale of 12 high-calibre commercial properties, including four sold prior to auction.
The auction's standout result was achieved with the remarkable sale of 46 Anderson Road, Smeaton Grange fetching a staggering $9.6 million.
Mr Chris Nicholl, General Manager, Raine & Horne Commercial, highlighted that the auction showcased an array of multimillion-dollar industrial properties alongside a diverse selection of office spaces, retail units, medical suites and even a Hungry Jacks restaurant.
“Significantly, with more than 600 physical and online viewers, the National Auction Event appealed to a broad range of commercial real estate buyers from private clients, investors, self-managed super funds, developers, and investment managers,” Mr Nicholl said.
“The deep pool of properties from city and regional markets is also a testament to Raine & Horne Commercial’s extensive experience working with local and private clients since 1883 and our market presence nationwide.
“The market is in transition and an event of this size can help our clients achieve excellent results by increasing the reach of each property while enhancing competition.
“Our team through their connections brought to market 18 high-quality properties from across the country to deliver our inaugural National Auction Event.”
From a network perspective, Mr Nicholl highlighted the National Auction Event’s significance in communicating the broad capabilities of Raine & Horne Commercial, which utilised a unique national marketing campaign for this event. This included a lift-out advertisement in the widely circulated Australian Financial Review (AFR), Raine & Horne Commercial website, and first-to-market Artificial Intelligence technology ‘Amplify’.
“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.”
Mr Nicholl continued, “Raine & Horne Commercial’s unique strength lies in its focus on working with SMEs, owners, investors, fund managers and developers of commercial properties that cater to local businesses nationwide.
“Our ability to collaborate as an office network 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 had two properties, including 106 Medway Street Rocklea that changed hands at a net yield of approximately 7.5%, said the National Auction Event exposed the properties “to an increased number of eyeballs”.
He added, “We were not looking just to cast a fishing line into the ocean and hoping to hook a fish. With the National Auction Event we want to throw a net and 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, we fielded interest from investors spanning a wide geographic range.
Luke Smith, Director of Raine & Horne Commercial Inner West/Sydney South is another advocate of the combined auction. Mr Smith’s office presented four properties, including the industrial development site at 16 & 16a-18 Harp Street, Campsie that sold for $7.27 million, and prime development site at 280-282 Illawarra Road, Marrickville situated only 270m from Marrickville station. This property sold under the hammer for $3.88 million.
“The National Auction Event has provided vendors and our agents with increased visibility and introduced heightened competition,” he said.
The National Auction Event took place both in person at AuctionWORKS at the Mezzanine Level, 50 Margaret Street, Sydney, and online. To access more details about the properties sold under the hammer, please visit https://www.rhcommercial.com.au/national-auction-event