Property Details
Building type: Medical
Building area: 1,900m2
Land area: 6,891m2
Purchase Details
Purchase price: $6.9 million
Net passing yield: 8.75%
$/m2 building area: $3,632/m2
$/m2 land area: $1,002/m2
Property Features
Recently constructed building
100% leased to national medical centre operator, Primary Health Care
High exposure main road corner site opposite Coles shopping centre
Growth area
Tenancy Details
WALE: 13.5 years
Net passing income: $603,463
Net income, $/m2: $318/m2
Tenancies: 100% leased to one tenant
How Did Prosper Group Assist Their Client?
Prosper Group’s extensive network of contacts in the property industry allowed them to identify this off market opportunity. This meant that their client did not have to compete against any other buyers in an expression of interest campaign or an auction.
Prosper Group identified during their thorough due diligence analysis that there was a discrepancy with the lettable area which meant that the final lease rate was higher than originally notified by the selling agent. Prosper Group conducted further investigations to identify that the higher lease rate was still within market rent rates for medical centres.
This information gave their client the confidence to proceed with purchasing this property even though the final lettable area was less than the original area notified by the agent.