The property

• Pivotally-located retail and medical hub on 5,610sqm corner site adjacent to New World supermarket, with dual access
• Single level buildings totalling 2,340sqm floor area
• Fully-leased, with 12 tenants, many long-established and committed to the site
• Zoned Business Commercial
• 54 car parks associated with the property
• Annual net income circa - $590,000pa + GST and outgoings

Quick look

• National Total Property marketing campaign – sold by tender
• Interest generated via Bayleys’ databases, nationwide Total Property magazine, print ads, multiple digital platforms, national PR coverage
• Good enquiry from mainly local investor buyers
• 5 competitive bids received
• Sold for $7,000,000
• Purchased by a local investor

The story

The well-established Silverstream Village development is fully-tenanted with a good mix of retail and medical service providers underpinned by The Doctors Silverstream, Silverstream Pharmacy, and Lumino The Dentists. It is also home to a physiotherapy business, a gym, bakery and café, beauty and hair salons, a travel company and a pub.

Fraser Press and Mark Sherlock of Bayleys Wellington Commercial took the popular neighbourhood centre through a short, sharp tender campaign which resulted in strong enquiry and five competitive offers.

Fraser says the sale to a local passive investor was the ultimate outcome for the vendor, who had invested a significant part of his life in establishing and maintaining the complex.

“It is said that commercial real estate is without emotion, but that is absolutely not the case with this property.” “Silverstream Village has always been loyally supported by the wider community, and really is the cornerstone of Silverstream itself.”

“It was a pleasure to work with a vendor who was prepared to undertake various maintenance projects ahead of the sale process to maximise the value that could be attained in the market today.”

“At the start of the marketing campaign, we hoped to uncover a local buyer who appreciated the role the centre plays in the community, and was wanting to invest in their neighbourhood - and that is exactly what happened.”

Vendor comment

Doug Fargher, owner of the complex, says selling to another local ultimately sealed the deal.

Doug developed the Silverstream Village hub more than thirty years ago, and was a long-time occupier as owner and pharmacist of the Silverstream Pharmacy.

When considering selling the property, a valuer he’d had a long and trusted working relationship with recommended he speak to Fraser.

“It took me about a year to commit to the sale after meeting Fraser back in 2023, and while I had some apprehension about the current economic market, I felt the property was unique and would stand on its own merits.

“Fraser and Mark were both very easy to talk to, very organised and professional. The marketing was comprehensive and well thought out with very regular contact and quick solutions to problems that needed addressing - I was impressed with their work ethic and dedication.”

Doug says while the sales price achieved was at the lower end of what he’d hoped for, careful negotiation by Fraser with the preferred tenderer had seen some upward movement from the original offer.

“The successful tender was not the highest we received, but it was an unconditional offer and the buyer was a local which was important to me.

“Certainly I would have liked a higher price, but once the decision to sell had been made, I just wanted it to happen. I felt that Fraser and Mark definitely provided me with a good result and as is often said, ‘a property is only worth what a buyer is willing to pay on the day’.”