52 Morayfield Road, Caboolture South
Building type: Medical
Building area: 1,198m2
Land area: 2,431m2
Purchase price: $6.1 million
Net passing yield: 9.0%
$/m2 building area: $5,092/m2
$/m2 land area: $2,509/m2
How Did Prosper Group Assist Their Client?
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.
Prosper Group used their experience and knowledge of the market to negotiate a $400,000 saving for their client off the asking price, which was more than the cost of Prosper Group’s fee. The two main factors that contributed to this saving were that the agent and vendor were confident in Prosper Group’s reputable purchasing history, and Prosper Group were able to complete the necessary due diligence in a short time period of only 14 days.
Prosper Group identified during their thorough due diligence analysis various issues with the building that potentially were going to cost their client capital expenditure in the short to medium term. Prosper Group also identified that the vendor had not obtained the correct planning certificates. This information was presented to the vendor and Prosper Group negotiated a reduction in the purchase price, and the vendor had to provide the necessary planning certificates prior to settlement.