90 Phillip St, Parramatta NSW
Building type: Office
Building area: 2,949m2
Land area: 1,368m2
Client’s Final Sale Details
Total profit in 2yrs: $6.15 Million
How Did Prosper Group Assist Their Client?
Prosper Group assisted their client in making a 58% profit or $6.15 million in two years and they achieved this by;
- Sourcing the property as an off market transaction so their client didn’t have to compete against other buyers in the market.
- Using their negotiation skills and experience they achieved a price reduction of $1 million.
- Thoroughly analysing the property during a due diligence period to give their client the satisfaction that there were no major issues with the property.
- Identifying during their due diligence analysis that the property had substantial future development potential.
- Managing the property to maintain and achieve its highest and best value in its current form.
- Closely monitoring the market and identifying that the development market was at the high end of its cycle, and that it would be an opportunistic time to sell and realise the properties highest and best value.
- Managing the entire sales process which included negotiating directly with developers who were approaching the vendor, and appointing and managing a sales agent throughout the entire campaign to achieve the highest possible sales price.
During 2011-12 I commissioned Prosper Group to find a multi-tenant commercial building for investment. Following many months of patient search and negotiation I eventually bought an attractive property with long term future development upside in October 2009. Detailed and patient due diligence process assured me it would be a good medium-long term hold. Proper Group managed all aspects of the purchase, management and subsequent sale.
During the next few years the boom of conversion of commercial sites to residential apartments rapidly grew. After many unsolicited enquiries and offers we decided to openly market the site. This was handled very well by Prosper and Ray White Commercial resulted in my accepting a very attractive offer December 2014 with delayed settlement February 2016.
Also in late 2012 through Prosper Group I bought another multi-tenant Commercial property with the same objective and criteria. Planning changes in the area have created significant capital gain that will be realised in 3-4 years.
In April 2009 I had bought a large single tenant industrial building that has been an excellent stable, simple well performing investment.
Ross Glasson – Private Investor