Property Details
Building type: Medical
Building area: 1,605m2
Land area: 5,633m2
Purchase Details
Purchase price: $4.3 million
Net passing yield: 7.2%
Fully leased net yield; 8.5%
$/m2 building area: $2,679/m2
$/m2 land area: $763/m2
Property Features
Prominent corner site with right in and right out traffic access
Two street access points
Ability to add value through cosmetic upgrade and leasing of vacant tenancy.
Located 30km North of Brisbane CBD
Tenancy Details
WALE: 2.3 years
Net passing income: $477,029
Net income, $/m2: $444/m2
Tenancies: 86% leased to 8 tenants
How Did Prosper Group Assist Their Client?
After an extensive search across metropolitan Brisbane Prosper Group identified 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 used their experience and knowledge of the market to negotiate a $500,000 saving for their client off the purchase price, which was more than the cost of Prosper Group’s fee.
Prosper Group identified during their thorough due diligence analysis that a few of the tenants were still on existing incentives. This information was presented to the vendor and Prosper Group negotiated that the outstanding incentives were to be paid by the vendor as a cash rebate on settlement.