53 Nicholson St, St Leonards NSW

Property Details
Building type: Office
Building area: 2,601m2
Land area: 1,684m2

Purchase Details
Purchase price: $12.2 million
Net passing yield: 8.6%
$/m2 building area: $4,691/m2
$/m2 land area: $7,245/m2

Property Features

  • Corner site with two street frontages
  • District views from upper floors
  • Large wrap around balcony areas on each level.
  • Located close to shops and St Leonards train station
  • 4 star NABERS rating
  • 2 levels of basement car parking

Tenancy Details
WALE: 5.2 years
Net passing income: $1,041,872
Net income, $/m2: $400/m2
Tenancies: 100% leased to 4 tenants

 

 

 

 

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.

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.

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. This information was presented to the vendor and Prosper Group negotiated a reduction in the purchase price of $50,000.

 

Prosper Group understood the type of property investment profile we were seeking and provided numerous properties for the association to consider. The shortlist were quality properties and the due diligence work that Prosper Group undertook was very thorough and provided valuable information for the board to consider. The NSW Farmers Association has ended up with 2 high quality buildings. Thank you Prosper Group.

Matt Brand – CEO
NSW Farmers Association

  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