Manly's central Westpac premises listed for sale
Staff reporterJune 10, 2019
The Westpac Bank premises in the heart of Manly has been listed for sale.
The major bank has lease options until 2044 on the property on The Corso, Manly's busiest street where beach seekers will head from the ferry to the sand.
The premises at the wharf end of the road at 32 The Corso is being marketed as a once in a generation opportunity.
The two level commercial site on 665 sqm last traded in 2000 for $4 million.
Listing agents Cushman & Wakefield, in conjunction with Patrick Kelleher, of Pine Property, indicated the net income was $994,380 per annum plus GST under the existing lease that runs until 2024.
There is a four per cent annual rent increase which will tip the net income over $1 million next year.
Offers are due July 2.
