464 St Kilda Road
JACX Property was engaged by the Victorian Automotive Chamber of Commerce (VACC) to transaction manage the sale of 464 St Kilda Road in Melbourne.
The VACC is a member based organisation with over 5,000 Victorian Members. As part of its decision to divest this significant asset, VACC required an independent property expert to coordinate the process. The VACC had owner occupied the building for in excess of 60 years and selling the building was a major decision for the organisation and all members.
JACX Property was engaged to ensure the entire sale process was transparent and all risks carefully mitigated.
Our engagement included the below key deliverables:
- Interview and appointment of the real estate agent including negotiation of agency agreement.
- Provided advice on marketing strategy and budget.
- Appointment of legal representative and negotiation of fee structure.
- Coordinated the appointment of all third party consultants prior to campaign launch (heritage, planning, technical etc).
- Assisted with preparation of legal data room.
- Signed off on property financials to be released to buyer market.
- Review and sign-off of all marketing collateral and press releases.
- Formulation of structured reporting procedures to satisfy the VACC and members.
- Coordination of inspections.
- Provided VACC with the necessary strategy advice at the closure of the campaign to ensure the optimal transaction outcome.
- Assisted VACC and appointed Legal advisor with negotiation of Contract of Sale
- Ongoing management of vendor and purchaser up until settlement to reduce settlement risk.
464 St Kilda Road was a complex asset due to its age and heritage constraints. JACX Property was delighted to be involved in this process which culminated with a record price being achieved – circa $95million.
The Victorian Automobile Chamber of Commerce, VACC, engaged Michael Jackson to lead the transaction of its property at 464 St Kilda Rd. With ownership of the building spanning over 60 years, and with an association that was in its centenary year, great care and diplomacy was required to work through the requirements of a highly focused Executive Board while being cognisant of VACC member needs and expectations. With Michael’s adept negotiation skills and his in-depth knowledge of the commercial property market we were able to engage Melbourne’s leading sales agents who worked directly through Michael, against a plan and an objective. The preparation and sale processes were outstanding and VACC have retained Michael to explore its options for a relocation once its current tenancy arrangements expire. Very professional with a high level capacity to reach the goals established at the beginning of the journey.
Geoff Gwilym, CEO, VACC