Westpac Parramatta premises sell for $14 million
The Westpac building in historic Parramatta as been sold.
The Church Street premises, comprising 660 square metres, sold for $14 million at a yield of 4.3 per cent.
It was sold through Khoury & Partners, Parramatta to UPM Pacific, directed by Chinese investors from Knoxfield in Melbourne.
Last time it sold was in 2012 for $7.1 million, an almost 100% increase in six years for the heritage building (pictured above). The 2012 price represented a net yield of 7.5 per cent, with income of $536,815 a year.
Westpac sold it in 2000 for $3.03 million, with little growth during its next ownership, selling at $3 million in 2007.
Located at 264-270 Church Street, the property was originally offered fully leased to Westpac until 2015, with two further five-year options.
The building, totalling 1275 square metres, is on one of the suburb's busiest retail corners.
Agents through the years have suggested the listing was an A-grade bank investments.
The site has been occupied as a bank since 1874.
Earlier this year it was reported Westpac Bank extended its long-term 506sq m commercial lease with the new deal due to commence in March 2020.
The gross annual rent for the property is $1000 a square metre for seven years with options, and incentives.
Khoury & Partners' Jon Race and Anthony Khoury executed the deal.
Banks have been somewhat difficult propositions for landlords in recent times across the country.
However a Bayswater retail property in Perth could revisit its banking roots, after being sold under the hammer earlier this month to a local community bank franchise.
Originally constructed as a banking chamber in 1975, the premises were sold off by the Bank of NSW, aka Westpac,, in 1997 at $210,000.
The 83 Whatley Crescent property was purchased by Bayswater Community Financial Services Limited.
It was bought at auction for $1.06 million.
