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To sell or not to sell?

Access Health & Community have been providing healthcare to the community of Richmond for 150 years. They came to Think Property CRE Solutions with a challenge to provide research into the potential to redevelop their 1,200-odd sqm medical clinic and office facility in Richmond.

We reviewed the market, providing relevant data for their management team and it was decided to 'test' the market by running an EOI campaign. Think Property CRE Solutions pulled together a brief to be distributed to real estate agents to determine the viability for a sale. We also co-ordinated the formal valuation of the property in conjunction with the EOI.

We engaged an agent and managed the process to develop all the due diligence materials required for such a campaign and effectively acted as the client for the 3 month period the process was in action. A number of offers were forthcoming - for outright sale and for sale and leaseback. These were evaluated and while attractive, the Board determined that the full refurbishment of the asset would be this space!

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