Bendigo Bank

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ASIC has commenced proceedings in the Federal Court of Australia against Bendigo and Adelaide Bank concerning unfair contract terms in small business contracts.
ASIC alleges that certain terms used by Bendigo and Adelaide Bank in contracts with small businesses are unfair. If the Court agrees with ASIC, the specific terms will be void and unenforceable by the Bendigo and Adelaide Bank in these contracts.
ASIC alleges that certain terms used by the Bendigo and Adelaide Bank and are unfair, as the terms:
<ul>
<li>cause a significant imbalance in the parties’ rights and obligations under the contract;</li>
<li>were not reasonably necessary to protect the Bendigo and Adelaide Bank’s legitimate interests; and</li>
<li>would cause detriment to the small businesses if the terms were relied on.</li>
</ul>
Some of the unfair terms pleaded by ASIC include clauses that give lenders, but not borrowers, broad discretion to vary the terms and conditions of the contract without the consent of the small business owner, along with clauses that allow the bank to call a default, even if the small business owner has met all of its financial obligations.
ASIC is also seeking a declaration from the Federal Court that the same terms in any other small business contract are also unfair.
If the Federal Court finds that any of the terms of the standard form contracts are unfair, the unfair terms are void (it is as if the terms never existed in the contracts). ASIC is seeking that the terms are declared void from the outset - not from the time of the court’s declaration. The remainder of the contract will continue to bind parties if it can operate without the unfair terms.
Since 1 July 2010, ASIC has administered the law to deal with unfair terms in standard form consumer contracts for financial products and services, including loans.
With effect from 12 November 2016, the unfair contract terms provisions applying to consumers under the Australian Consumer Law and the ASIC Act were extended to cover standard form ‘small business’ contracts.
Small businesses, like consumers, are often offered contracts for financial products and services on a ‘take it or leave it’ basis, commonly entering into contracts where they have limited or no opportunity to negotiate the terms.
These are known as ‘standard form’ contracts. Small businesses commonly enter into these ‘standard form’ contracts for financial products and services, including business loans, credit cards, and overdraft arrangements.
The unfair contracts law applies to standard form small business contracts entered into, or renewed, on or after 12 November 2016 where:
<ul>
<li>the contract is for the supply of financial goods or services (which includes a loan contract);</li>
<li>at least one of the parties is a ‘small business’ (under the ASIC Act, a business employing fewer than 20 people is a ‘small business’); and</li>
<li>the upfront price payable under the contract does not exceed $300,000, or $1 million if the contract is for more than 12 months.</li>
</ul>
 
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ASIC sues Bendigo and Adelaide Bank for use of unfair contract terms

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The Melbourne HQ of ASX-listed Bendigo and Adelaide Bank has been listed for sale, with expectations it could sell for more than $80 million.
The 2005 built Docklands office block at 120 Harbour Esplanade been listed by the Singapore-based owners Wharf Street Investments. 
Its 8,300 sqm of net lettable area is 100% leased to Bendigo and Adelaide Bank, one of Australia's largest retail banks, until 2025.
CBRE’s Kiran Pillai, Mark Coster and Neva Courts and Colliers International’s Trent Preece, Matt Stagg and Anna Cavar are set to market the property through an international expressions of Interest campaign.  
CBRE’s Kiran Pillai said the listing provides one of the first major tests of Melbourne’s office investment market in 2019. 
“The Docklands precinct is one of the strongest performing office markets in the country. Limited future supply of new buildings, significant investment into transport infrastructure and surrounding amenity have heightened demand with vacancy rates tipped to drop below 0.7%,” Pillai said. 
“With rents at the property coming off a low base, the property offers investors the opportunity to secure a high-quality building with an excellent covenant plus strong prospects for short and medium-term rental growth.”
Colliers International’s Trent Preece said he expects the offering to generate a strong level of interest from both offshore and domestic investors, given the quality of the asset and lack of recent major investment opportunities in Melbourne,
"The property is strategically positioned to capitalise on the State Government’s recent $225 million commitment to upgrade the adjoining Marvel Stadium, which will transform the precinct into a truly world class sports and entertainment hub.” 
 
 
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$80m expectations as Bendigo Bank‘s Melbourne HQ hits market

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A property leased to Bendigo Bank in Canberra CBD sold at a yield of 6.7 percent at Burgess Rawson's 103 portfolio auction earlier this month.
The building at <a href="https://www.burgessrawson.com.au/buying/ACT/Inner-North/City/Retail/2P1160#.Vwx0aGR95-U" target="_blank">2/161 London Circuit, City</a> sold under the hammer for $2.55 million. 
It is a single-tenant investment, hence easily managed and the tenant renewed a six-year lease from November 2015 with options until 2027.
The bank branch has been at this location for more than a decade.
Net income from the property is $171,910 pa plus GST and there is an annual rent increase of 3 percent.
<div>Canberra is Australia's capital and largest inland city with a population of 381,488.</div>
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