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Bank buildings prove their worth to property investors

Invest / Direct Property Funds

Australia

Jul 26 2017

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Simon Johanson, The Sydney Morning Herald

MARKET WRAP

SALES

Camberwell

Banks are proving their worth to property investors. The Bendigo Bank building, a 788sq m, two-storey freehold at 4 Prospect Hill Road, has sold under the hammer for $7.03 million on a sharp 4.2 per cent yield, Fitzroys' Chris James, Chris Kombi and David Bourke said. The property sold with new five-year leases to Bendigo and Adelaide Bank on the ground floor, and CIPL on the first-floor.

Geelong

The Goodlife Health Club at 312-320 High Street in Belmont has sold to a local investor for $5.322 million, a net passing yield of 7.5 per cent. JLL's Stephen Bolton, Tom Ryan and Peter Sprekos handled the negotiation. Quadrant Private Equity owned Goodlife signed a new five-year lease and five-year option on the building with passing annual income of $405,000 + GST.

Go to The Sydney Morning Herald and read the full story.

SOURCE: The Sydney Morning Herald

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