An agency has pulled off a lucrative double: bundling multiple lots for a single developer, then selling the subdivisions.
The Quakers Hill office of Laing & Simmons worked with the group’s projects division to persuade three vendors to sell their five-acre Sydney farms in one line to a developer.
Laing & Simmons was then appointed to handle the sale of the subdivisions, with the first 12 lots fetching a combined $5.5 million, according to the agency.
Projects marketing manager Jason Salter said the three vendors agreed to consolidate their blocks after Laing & Simmons approached one owner and he then consulted the other two.
“They were unified in their approach. However, one owner was a little harder to convince to sell because he was very happy where he was,” Mr Salter told Real Estate Business.
“So part of the deal was that when it was sold to the developer and the instructions were given to the surveyor to prepare the subdivision, we were told by that third owner that he wanted to remain on a 1,400 square metre parcel on the far right-hand side.”
The three farms were sold to the developer in November, with the 12 subdivisions then sold earlier this month for $350,000 to $770,000. About 30 more lots will be sold in mid-2015.
Mr Salter said the key to the three-vendor deal was that the Quakers Hill office was able to outsource the more complicated parts to head office.
“We as a head office offer the service to local franchise offices which enables them to be able to introduce three farm owners like this, and for them not to have to worry about all the planning intricacies and the way these deals are structured,” he said.
“They can simply get on the phone to us and we can approach the owners with the local office, and offer more of a planning and corporate solution as opposed to just a residential agent solution.”
Quakers Hill sales consultant Nathan Chapman said the lots were sold through a silent auction, which attracted strong interest.
“This was a unique campaign in the local context and the outcome proves the intense demand and fierce competition for land and housing in this key growth area of Sydney,” he said.
[Related: Laing & Simmons expands 17pc in three months]