The story behind that big warehouse sale
There has been a lot of media attention around the price of this warehouse.
With its sale falling through at $2.75 million 3 years ago, it just sold for a confidential result, substantially more.
The underbidders who offered $2.5m back then were still looking and just became the new purchasers, after all this time.
For sales agent Brigitte Blackman, it cements the notion that real estate isn’t about advertising.
“It’s about intimately knowing the buyers in the market and the assets that suit them,” Brigitte says. “Sellers don’t need agents relying on market energy, they want you to bring specific buyers through their door.”
We chat with Brigitte below about the sale: 1/17 Charles Street, Redfern:
Did anything about this huge sale surprise you?
BB: “Not really. A lot of the time with landmark homes (and especially warehouses), we know exactly who is going to be interested. I take my new offerings straight to those clients before anyone.
“Such homes generate a lot of interest and onlookers, but only a handful of known buyers create the real competition. They decide the real prices.”
How did all parties respond to this big price lift in 3 years?
BB: “This is the market and everyone accepts what people are paying now. Buyers know these assets are rare. And that’s why they often outperform wider price trends, because of their uniqueness.”
What was it about this particular warehouse?
BB: “This home appealed to people because of its size and renovate-to-taste potential. It was more than 300sqm so you don’t find that in other apartments, or when you go back to searching. These buyers were an example of that, still searching 3 years down the track. They aren’t alone. I have a lot of clients with similar stories.”
Do you see this price/demand happening with other asset types?
BB: “Yes. I see it happen in terrace homes of real quality all the time. The ones that stand out in terms of their period excellence, sense of scale, or a wide footprint. There are a lot of anomalies in Inner Sydney that can make certain houses stand out.
“Luxury high-end apartments too. Whether that’s architect-designed buildings or interior-designed specialties. There is a certain bracket of clientele you know to take those listings straight to.
“This deal was 3 years in the making. But we were able to deliver when the clients needed to act, and make the warehouse dream a reality for one ecstatic buyer.
“Everyone talks about prices and records but I know from experience it won’t be long before the next one is in the limelight. This just highlights the emotional side of buying and selling property.”