Everything must go, and all in less than 24 hours. So says the owner of 76 properties in the Victorian ski resort town of Falls Creek, after plans were announced for a one-day auction that will have no reserves and allow for simultaneous multiple property bids.
Morry Schwartz aims to offload all of his 76 Falls Creek properties within the Huski, Silverski and St Falls ski resorts in one day, at what the company described as “the biggest single auction of alpine property the country has seen.”
The properties, developed by Zacamoco, a joint venture between Mr Schwartz’s Pan Urban and Callum Fraser of Elenberg Fraser architects, will be sold individually via the Helmsman Auction method, more commonly used for livestock, with no reserve set on any of the properties.
“The nature of the Helmsman Auction allows bids to be submitted for multiple properties simultaneously and also opens up the possibility for investors to purchase multiple adjoining apartments or the entire portfolio if desired,” said Mark Williams, CEO of Ray White Commercial, who will conduct the auction.
The auction, which is due to take place on 28 August in the Promenade Room at Crown Casino in Melbourne, is expected to attract interest from prospective buyers from across the globe, including Singapore, Hong Kong and Kuala Lumpur.
“With [Mr Schwartz] looking to divest his entire portfolio on one day, we expect interest from a broad cross-section of buyers and investors, from those looking at the very top of the luxury sector to others who see an opportunity to enter the market,” Mr Williams said.
Mr Schwartz said he was selling the properties to focus his energies on the boutique property markets in Melbourne, and potentially Sydney.