28 Clarke St, Crows Nest, NSW
Building type: Office
Building area: 4,886m2
Land area: 1,238m2
Purchase price: $9.8 million
Net passing yield: 15.5%
$/m2 building area: $2,006/m2
$/m2 land area: $7,916/m2
How Did Prosper Group Assist Their Client?
Prosper Group identified during their initial due diligence that the property was undervalued on a capital value basis, and also the passing rents were below market values. This initial due diligence gave their client the confidence to proceed with purchasing this property even though it had a short WALE.
Prosper Group’s experience and knowledge of the market meant that their client submitted a competitive offer on both price and terms in the expression of interest sales campaign. Prosper Group’s reputation and relationship with the sales agent meant that their client was then chosen as the preferred buyer at the end of the campaign even though they were not the higher price.
After purchasing the property Prosper Group’s management team worked with the existing short team lease expires to significantly improve the WALE in a short period of time.