241 Front Street
Royal Bank of Canada (RBC) awarded Cushman & Wakefield Kingston the listing for their sale of this purpose-built former bank building in downtown Belleville. Belleville’s office market was experiencing low absorption rates, and at the same time there was competition from newer and more modern building supply in the city’s north end node. The building was vacant at time of listing/sale and therefore did not have any associated revenue in place.
Recognizing that there would be considerable investor interest in this opportunity, and based on our market research, we recommended a price above the appraised property value. We focused our marketing toward investors and owner-users.
From our marketing efforts we achieved a multiple-offers scenario, with two of these coming in above asking price. We successfully negotiated the sale of the property to a local investor at 10% above asking price within 31 days. The transaction closed in less that 3 months from the listing date.