199 Coogee Bay Rd, Coogee NSW

Property Details
Building type: Retail
Building area: 585m2
Land area: 398m2

Purchase Details
Purchase price: $5.6 million
Net passing yield: 5.46%
Fully leased net yield; 5.9%
$/m2 building area: $9,573/m2
$/m2 land area: $14,071/m2

Property Features

  • Corner site with two street frontages
  • High profile location in the Coogee Bay retail strip
  • 100% to the Commonwealth Bank

Tenancy Details
WALE: 2.5 years
Net passing income: $306,092
Net income, $/m2: $523/m2
Tenancies: 100% leased to 1 tenant

 

 

 

 

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.

 

  We’re convinced that no other buyers agent offers such an unbiased and educated view on property investment as Prosper Group does.  

Mahlah Ludekens

Director - RecruitR

  The Prosper Group Team has managed our property in the most professional and dedicated manner.  

Lisette

MacMahons Point, NSW

  In all my dealings with Prosper Group I have felt the team really cared about the result, cared about the property and cared about our business relationship.  

Michelle Collins

Coogee, NSW

  It was like having a partner who was on my side – we had many discussions about all aspects of the property.  

GR

Managing Director - Paragon Crest Pty Ltd

  Without Prosper Group's help, persistence and expertise, we would not have found our ideal home.  

Alice & Jackson

  Prosper Group's negotiation skills reduced the price from $1,500,000 to $1,175,000.  

J.B.

Company Director & Investor

  Meticulous, thoroughly professional, very patient. A pleasure to deal with.  

E. Cassimatis & Family

  The value was returned in spades. I secured a great home that I would never have been able to find myself.  

Alan Arakelian

CFO - Bain and Associates

  Prosper Group was great. They were patient and found me the right property at the right price. I could not have asked for a better experience.  

Sascha Bannon

Surry Hills

  Thank you Prosper Group for all your hard work; you have found us an investment property that ticked all the boxes  

Carolyn & Anthony

Brisbane