90 Phillip St, Parramatta NSW

Property Details
Building type: Office
Building area: 2,949m2
Land area: 1,368m2

Purchase Details
Purchase price: $10.6 million
Net passing yield: 6.5%
Fully leased net yield: 10.2%
$/m2 building area: $3,595/m2
$/m2 land area: $7,749/m2

Client’s Final Sale Details
Sale price: $16.75 million
Net passing yield: 4.4%
Fully leased net yield: 7.1%
$/m2 building area: $5,680/m2
$/m2 land area: $12,245/m2

Total profit in 2yrs: $6.15 Million

Property Features

  • Modern boutique building
  • North facing balconies overlooking Parramatta river
  • B4 mixed use zoning with maximum height of 80m and FSR of 6:1
  • Located 50m from Parramatta Rivercat terminal
  • Located 750m from Parramatta train station

Tenancy Details
WALE: 2.5 years
Net passing income: $748,225
Net fully leased income, $1,190,279
Net income, $/m2: $404/m2
Tenancies: 72% leased to 4 tenants

 

 

 

 

How Did Prosper Group Assist Their Client?

Prosper Group assisted their client in making a 58% profit or $6.15 million in two years and they achieved this by;

  • Sourcing the property as an off market transaction so their client didn’t have to compete against other buyers in the market.
  • Using their negotiation skills and experience they achieved a price reduction of $1 million.
  • Thoroughly analysing the property during a due diligence period to give their client the satisfaction that there were no major issues with the property.
  • Identifying during their due diligence analysis that the property had substantial future development potential.
  • Managing the property to maintain and achieve its highest and best value in its current form.
  • Closely monitoring the market and identifying that the development market was at the high end of its cycle, and that it would be an opportunistic time to sell and realise the properties highest and best value.
  • Managing the entire sales process which included negotiating directly with developers who were approaching the vendor, and appointing and managing a sales agent throughout the entire campaign to achieve the highest possible sales price.

 

During 2011-12 I commissioned Prosper Group to find a multi-tenant commercial building for investment. Following many months of patient search and negotiation I eventually bought an attractive property with long term future development upside in October 2009. Detailed and patient due diligence process assured me it would be a good medium-long term hold. Proper Group managed all aspects of the purchase, management and subsequent sale. 

During the next few years the boom of conversion of commercial sites to residential apartments rapidly grew.  After many unsolicited enquiries and offers we decided to openly market the site. This was handled very well by Prosper and Ray White Commercial resulted in my accepting a very attractive offer December 2014 with delayed settlement February 2016.

Also in late 2012 through Prosper Group I bought another multi-tenant Commercial property with the same objective and criteria.  Planning changes in the area have created significant capital gain that will be realised in 3-4 years. 

In April 2009 I had bought a large single tenant industrial building that has been an excellent stable, simple well performing investment.

Ross Glasson – Private Investor

  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