Melbourne property consortium Zacamoco, a joint venture between Morry Schwartz’s Pan Urban and Callum Fraser of Elenberg Fraser architects, will auction 76 properties in the Victorian ski town of Falls Creek on August 28.
The properties will be sold individually via the Helmsman Auction method, more commonly used for livestock, with no reserve set on any of the properties.
“The nature of the Helmsman Auction allows bids to be submitted for multiple properties simultaneously and also opens up the possibility for investors to purchase multiple adjoining apartments or the entire portfolio if desired,” auctioneer Mark Williams, CEO of Ray White Commercial told Smart Property Investment magazine.
The auction, which is set to take place at Crown Casino in Melbourne, is expected to attract interest from prospective buyers from across the globe, including Singapore, Hong Kong and Kuala Lumpur.
“With [Mr Schwartz] looking to divest his entire portfolio on one day, we expect interest from a broad cross-section of buyers and investors, from those looking at the very top of the luxury sector to others who see an opportunity to enter the market,” Mr Williams said.