No reserve, 1-day auction for 76 Alpine properties

No reserve, 1-day auction for 76 Alpine properties

03 August 2011 by Staff Reporter 0 comments

Simon Parker

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.

Simon Parker

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.

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
William Phillips on how agents can expand their database and grow their business

In this episode of Secrets of the Top 100 Agents, host Tim Neary is joined again by William Phillips to discuss the real estate database and...

View all podcasts

Are dodgy agents being punished enough?

Yes (8.6%)
No (55%)
Only in some states (2.3%)
Not all dodgy agents are being found out (34.1%)

Total votes: 220
The voting for this poll has ended on: April 15, 2017
upcoming events
REB Awards
Sydney The Event Centre 12 Sep
REB Awards
Sydney The Event Centre 12 Sep
Melbourne The Event Centre 14 Oct
Brisbane The Event Centre 18 Dec
View all events
Do you have an industry update?