Bondi's Westpac Bank branch sells
With seven buyers in the room, the Westpac Bank branch at 26 Hall Street Bondi Beach sold at auction this week for $6,426,000.
Colliers International agents Matthew Meynell and Brian McInally had given a $5.5 million reserve price to the Cooley Auctions who took around 75 bids for the investment property.
Its sale priced represented an approximate 4.93% yield.
Bidding had opened at $4 million on the highly desirable investment with its 512 square metre net lettable area.
Its leased to Westpac on a 5 + 5 year lease at a net $317,000 annual income. There was an apartment on top of the bank.
The site has a FSR 2:1 and 13 metre height limit.
It's a 200 metre walk to Bondi Beach.
"Due to its prime location and exceptional development potential, it will feature as one of the key eastern suburbs investment sales of 2013," the marketing said.
