199 Coogee Bay Rd, Coogee NSW
Building type: Retail
Building area: 585m2
Land area: 398m2
How Did Prosper Group Assist Their Client?
Prosper Group’s extensive network of contacts in the industry enabled them to identify this off market opportunity which meant that their client did not have to compete against any other buyers in an expression of interest campaign or an auction.
Prosper Group identified during their initial due diligence that the passing rent was below market values if the property was to be split up into smaller tenancies. This initial due diligence gave their client the confidence to proceed with purchasing this property even though it had a short WALE.
Prosper Group enabled their client to act quickly and confidently to negotiate an offer and acceptance and secure the property in an exclusive due diligence period before the property was properly marketed.
Due to the off market nature of this transaction and the fact that the vendor was not very motivated the asking price was very firm. Prosper Group conducted an initial market appraisal of the property with recent sales and leasing evidence to give their client the confidence that the asking price was a fair market value. The market appraisal also showed that if the property was sold on the open market there was a strong chance that due to the lack of quality investments available it may have sold at a higher price.