28 Clarke St, Crows Nest, NSW

Property Details
Building type: Office
Building area: 4,886m2
Land area: 1,238m2
Purchase Details
Purchase price: $9.8 million
Net passing yield: 15.5%
$/m2 building area: $2,006/m2
$/m2 land area: $7,916/m2
Property Features

  • Corner site with three street frontages
  • 3 sides of natural light
  • District views from upper floors
  • Located close to shops and St Leonards train station
  • 3 lifts and a backup generator
  • DA for addition of two extra floors

Tenancy Details
WALE: 1 year
Net passing income: $1,527,744
Net income, $/m2: $313/m2
Tenancies: 100% leased to 13 tenants

 

 

 

 

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.

  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