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CHELTENHAM FACTORY SNAPPED UP OFF MARKET

Local slushie machine business icm8 has acted quickly to purchase the older style factory/warehouse of 513m² at 4 Barlow Avenue, Cheltenham for $900,000 before it hit the market.

Rodney King and Chris McKenzie negotiated the off-market transaction on behalf of a local family.

King said "We were planning an auction for the property, but the owners were happy with the price and decided to save maketing expenses." he added "The purchaser had not been in the market for long, but knew there was little stock out there, so didn't want to miss out."

McKenzie said "We have a lot of buyers for older buildings, especially free standing ones, but not enough supply to meet the market which is driving prices up."