This article is from the Australian Property Journal archive
A SYDNEY-based investor has paid $20.2 million for the Westpac bank branch at the wharf end of Manly’s The Corso.
The major bank has a 15-year lease until 2024, plus four options of five years each, currently bringing a net annual rent of $994,380 plus GST and 4% annual increases. Westpac has been at the site for over 40 years.
Patrick Kelleher of Pine Property handled the sale of 32 The Corso. The two-storey freehold of 815 sqm is on a 664 sqm site that has a height limit of up to 15 metres.
Hotel Steyne, at 75 The Corso, sold earlier this year for $62.5 million to Iris Capital.
