Deal Overview
Commercial Realty is proud to announce the successful sale of a 4.6-hectare site in Auckland for $56 million, marking our largest transaction of the year courtesy of our diligent agent Jesh Jaskiewicz. The property was purchased by Argosy, a publicly listed company, from GMP in what proved to be a highly complex and rewarding process.
This milestone sale reflects not only the expertise of Jesh and our team but also the value of building strong, long-term relationships in the commercial real estate industry.
Understanding the Deal
The property, located on East Tamaki Road just 5 minutes from the SH1 motorway system, had been on the market for well over a year, and well known to industry professionals. Despite this, no one had previously approached the buyer, whose requirements matched the site perfectly.
Jesh attributes the success to understanding the needs of both parties at a deep level and working tirelessly to address the complexities of the site.
Navigating Complex Challenges
“The challenges in this deal were significant,” Jesh explains. “From navigating geotechnical assessments, cladding fire ratings, and traffic management, to resolving contamination, insurance concerns, and tenancy complexities; each aspect needed careful attention. The lead up to the due diligence period was rigorous, but ultimately, we were able to give the buyer the confidence they needed to move forward.”
Market Context and Insights
The sale occurred at a time when the commercial property market was starting to show signs of recovery after a prolonged low point.. Lending conditions remained challenging for many buyers, but strong fundamentals, coupled with a highly desirable location, made this property a standout. The site’s potential for development and the rentability of its existing buildings made it a strategic acquisition for Argosy.
What Made This Sale Stand Out
“This sale is a perfect example of the importance of matching the right buyer to the right property,” says Jesh. “Personal relationships on both sides were key, as was our ability to address the property’s unique challenges head-on. Despite being on the market for years, it took the right approach to unlock its potential.”
This record-breaking sale not only showcases the expertise of our team but also reinforces the importance of persistence, market knowledge, and client trust.
Advice for Sellers of High-Value Commercial Property
For owners considering the sale of complex or high-value commercial assets, Jesh offers this advice, “Find an agent who is prepared to work hard and tackle every issue that arises during the process. Selling a complex property requires diligence, experience, and a willingness to go the extra mile.”
Partner with Commercial Realty
Whether you’re buying, selling, or leasing commercial property, Commercial Realty brings decades of experience and a proven track record of success to every transaction. Contact our team today to discuss how we can help you achieve outstanding results.
