This article is from the Australian Property Journal archive
Laing+Simmons Commercial has sold a newly refurbished ANZ Bank branch in Sydney to a private investor for $2.72 million on a low yield of 4.96%.
Laing+Simmons Commercial’s Paul Hunter sold the property on behalf of a private vendor.
Hunter said the sale generated competitive bidding with more than 25 contacts out of the market.
“Currently there are many investors out there who are choosing not to negative gear and who have the funds to invest a substantial amount of capital into a property.
“This allows them to buy at low yields, as rental from the property is enough to cover their lower mortgage commitments,” he added.
The 809 sqm corner property is located at 1002 Victoria Road in West Ryde.
The property is within proximity to the new $30 million Woolworths development and was purchased by the private investor two years ago from Westpac, with a 1 year lease + 1 year option.
Following the expiry of Westpac’s lease, ANZ secured a 10-year lease on the site and commenced an extensive $1.2 million refurbishment and fitout to open its doors earlier this month.
“After nearly 15 years of rationalisation and the removal by the major banks of many branches with retail strip presence, ANZ are leading a turn in the tides by investing in building a greater branch network presence,” Hunter concluded.
By Adam Parsons
