53 Nicholson St, St Leonards NSW
Building type: Office
Building area: 2,601m2
Land area: 1,684m2
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.