The Holloway Family Trust
South Coast, NSW
VENDOR
The Holloway Family Trust
SOLD FOR
$500K over expectation
Launch
1st stage 2024
Completion
ongoing
The CLIENT
The Holloway Family Trust spans four residential properties located in Kiama on the NSW South Coast. When the assets were passed on to the next generation, all properties needing renovation, redevelopment or additions. To do this work is expensive and time-consuming, requiring the right expertise to navigate the way forward.
THE BACKGROUND
The properties are well-located in various locations throughout the Kiama LGA. And while the land values represent a significant percentage of all the properties, the improvements don’t allow the respective income streams to reflect their outstanding locations.
THE TASK
Woodhill was engaged to undertake a complete review of the properties, draft up the learnings, put in the evidence, and make recommendations. We included individual plans outlining how to achieve each recommendation in order to achieve success.
THE FEES
- A commission structure with an increase over a certain price
- Market budget.
THE APPROACH
Prior to commencing work, a reverse brief was provided to the HFT and approved.
- Income-positive (reduce expenses, increase revenue)
- Holloway families can use
- Minimal maintenance
THE RECOMMENDATION
A four-phase programme was determined and agreed upon
Phase One – dispose of one property
Phase Two – develop one property through a joint venture by selling part of the site to a builder. In doing so, the HFT acquires a brand-new residential apartment and cash at the end.
Phase Three - renovate the beach house and keep it for family and Airbnb
Phase Four – extend the rural property’s income potential by constructing six holiday-style luxury cabins
THE RESULT
Phase One – disposal of one property.
To sell the property, we undertook a two-part strategy; each with in-built events that encouraged the buyer to pay more and perform quickly through fear of missing out. This is at a time when the average property sat on the market for over 180 days.
The buyer wasn’t known to us, but found through strategic calls. The property exchanged in 11 days, and the result was $500,000 more than expected. This was also $800,000 more than a neighbouring property with substantial improvements, on the market for approximately 100 days with all the marketing budget spent.
We didn’t require any marketing money, returning it in full to the HFT. Phase Two has now begun.
9 Boanyo Avenue
92 Charles Ave