Background

Austral's most sought after mixed zoning and long held family property

At the corner of Fourth Avenue & Eighth Avenue, within the Austral and Leppington North Stage 1 wastewater catchment, lay the family home of our clients. Our clients held deep rooted connections to their home and land as it represented their family’s story and rich history. The couple had migrated from Malta to Australia and as a newly married couple they settled in Austral with hopes and dreams for their future. They started a family and along with their children, built several homes and cultivated the land for many years. Our clients were referred to us by their family solicitor who felt that the family would benefit from working with an Agent who specialises in Growth area englobo property transactions.

Land Size
12 Acres
Status
Purchased by Crownland Developments
Outcomes
Subdivision into 123 Lots
Key Stakeholders
The vendor and family
Client's Solicitor
Client's Accountant
Valuer
Development Consultants
Prospective Purchasers
Services Rendered
Vendor's Agency
Property Research & Advisory

Process

There were a number of key considerations in determining the selling strategy for the property. This required us to gain and in depth understanding of our clients situation and needs, to conduct extensive research and engage with key stakeholders.

There were multiple property titles that comprised the family's land holdings and at the time of the sale, there had been a change to the family's circumstances which affected the titles. This had the potential to affect the tax position of the family if they were to sell. In addition, the change in circumstances required the property to be sold within a certain timeframe in order to manage the tax implications.

As a consequence of these factors, Create was given permission by the family to assist them to obtain the correct tax advice and legal advice to ensure that the tax implications would be managed within the sale and timeframe requirements. This tax advice was a key factor in determining how to proceed with the sale and resulted in the decision to sell the minimum amount of land possible from the family's entire property holding.

The property was taken to the market via on-market selling campaign. We dealt with a number of developers to negotiate the best price and terms. The family also required a valuation of the property by a valuer in order to manage the tax implications. We assisted the valuer by providing comparable sales within the market. There was also the requirement for the family to purchase a home and to relocate from the property. We took this factor into consideration when negotiating with developers to ensure that there would be an adequate deposit released to the family to purchase another property as well as ensuring that the settlement timeframe would be adequate for the family to clear the property and relocate.

Within the sale of an englobo acreage site we are also required to manage the developers consultants who require access to the site for due diligence studies and additional studies during the settlement period.

Key Considerations

Modified Title Holdings
Timeframe for Sale
Tax Implications
Market Conditions
Valuation of Property
New Property Purchase & Relocation Requirements

Results & Outcomes

The results and outcomes achieved for our clients were tailored to meet their specific requirements.

The results and outcomes achieved for our clients included the following:

Released and staged deposit to facilitate purchase of a new home
Managed tax implications from sale through stakeholder engagement with the family solicitor, accountant and valuer.
Property Advisory including research, negotiation and acquisition of new property for relocation of family members.
Settlement brought forward from 24 months to 18 months
Support and assistance throughout the process to reduce potential stress associated with the sale.