Property Details
Building type: Warehouse
Building area: 3,240m2
Land area: 6,267m2
Purchase Details
Asking price: $6.5 million
Purchase price: $6.2 million
Net passing yield: 6.3%
$/m2 building area: $1,915/m2
$/m2 land area: $2,341/m2
Property Features
Brand new building
2 street frontages
Designed to accommodate two separate tenancies
100% leased to international company
Long term 6 year lease
Tenancy Details
WALE: 6 years
Net income, pa; $405,000
Net income, $/m2; $125/m2
Tenancies: 100% leased to 1 tenant
How Did Prosper Group Assist Their Client?
Through Prosper Group’s industry contacts they sourced this property off market before it was advertised to the general market.
As part of Prosper Group’s thorough due diligence process they identified that the tenant was potentially not required to have any annual rent increases in the two five year option terms. This was a potential risk of over $300,000. Prosper Group negotiated for a variation of the lease to be completed prior to settlement.