When it comes to selling commercial property, many owners believe naming a price gives them more control. It sets an anchor, signals what they think the property is worth, and offers reassurance that buyers won’t overlook or undervalue the asset. The risk, however, is that putting a figure on a property can cap competition and close the door on buyers who may have been willing to pay more.

That’s where no-price campaigns, such as auctions and expressions of interest, come in. By removing the ceiling, these strategies allow the market to decide value. Just as importantly, they generate valuable feedback about buyer appetite, conditions, and terms, giving sellers both stronger results and clearer insights to inform future decisions.

What is a No-Price Strategy?

Both auctions and Expressions of Interest (EOI) are structured as “no price” campaigns. This approach avoids anchoring the property to an asking price, instead drawing out the maximum willingness of buyers through competitive tension. By not setting a fixed figure, the market determines value, often resulting in superior outcomes.

Auction Campaigns

• A defined three to four-week campaign culminating on a set date.
• Public, transparent process with registered bidders competing in real time.
• The reserve price protects the seller while fostering urgency and competition.
• Outcome is immediate: contracts are unconditional, deposits are paid, and settlement terms are locked in.
• Works effectively where buyer depth is strong, assets are unique, and a premium can be achieved through competitive tension.

Expressions of Interest Campaigns

• Typically three to five weeks in duration, with a set closing date for offers.
• Buyers are required to submit formal offers in writing, often conditional on finance or due diligence.
• Provides flexibility for sellers to assess not only price, but also terms, conditions, and the buyer’s capacity.
• Works effectively where the buyer pool may be more specialised, or where comparative sales are limited and discretion is important.

Strategic Comparison

Both methods maximise competition by uniting investors, developers, and occupiers who may value the asset differently. The key difference lies in transparency and conditions:

• Auctions create live, time-bound competition in an open forum, with unconditional outcomes.
• EOIs allow for private negotiations, enabling the seller to compare the merits of each offer beyond price alone.

Each process also generates valuable market feedback. In an auction, if the property passes in, underbidders remain as active prospects for negotiation. In an EOI, even unsuccessful offers provide a clear picture of market appetite, buyer conditions, and pricing expectations.

EOI Case Study

Kollosche Commercial recently executed the sale of 1156–1160 Gold Coast Highway, Palm Beach, via a four-week EOI campaign.

The 2,053m² corner site, which benefits from 50 metres of Gold Coast Highway frontage and 41 metres to Seventh Avenue, is fully leased yet carries significant redevelopment potential under Centre Zoning with a 39m (12-storey) height limit and RD7 density.

The campaign attracted strong interest, generating 127 enquiries and 13 formal offers. Competitive tension drove the final sale price to $19,000,000, equating to a land rate of circa $9,250/m².

Kollosche Commercial sales agent Adam Grbcic explains that EOI was selected over auction or private treaty due to the asset’s versatility.

“The owner had already received off-market offers, which confirmed demand,” Adam says.
“By running an EOI, we were able to capture all buyer segments – from investors considering the income stream to developers focused on the long-term potential – and let the market determine the highest and best use.”

The process not only secured a price 15% above pre-market offers, but also provided valuable intelligence.

“Buyer feedback confirmed two clear valuations: the site’s worth as a tenanted investment, and its redevelopment potential,” says Adam. “The competitive environment also allowed the vendor to negotiate favourable conditions, with most offers submitted on an unconditional or near-unconditional basis.”

Reach out to Kollosche Commercial to discuss the smartest sales strategy for your asset.