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Complete Dermatology Bondi had rented their clinic for over ten years. They decided it was time to own, and to do it through a self-managed super fund.
The brief was specific:
• Bondi Junction, as close to Westfield as possible
• Minimum 200m² internal
• Car spaces
• Natural light, non-negotiable
We worked off-market from day one. 7 properties identified and inspected. 3 shortlisted. 2 offers made. 1 abandoned partway through due diligence over strata levy issues and unresolved building defects.
The property they bought: 275m² internal plus a 175m² terrace, four car spaces, abundant natural light, directly beside Westfield Bondi Junction.
The savings:
• $275,000 negotiated off the $4,600,000 asking price
• $432,500 in GST not payable, because we targeted an asset with an existing tenancy and therefore a sale of going concern.
• Total: $707,500
The existing tenancy stayed in place, so income flows into the fund from day one, with 207m² set aside to occupy in future. Stripping out car space value, the suite came in at $14,272 per square metre. Comparable suites in the
same building traded between $14,500 and $15,000 over the previous
twelve months.
