Two adjoining Williamstown properties leased to three banks have sold to an investor at auction for $11.34 million.
The single-storey properties at 48-50 and 52-56 Douglas Parade are leased to the Commonwealth Bank, ANZ and Bank of Melbourne.
Fitzroys real estate had expected the bank freeholds to sell for more than $10 million and accurately predicted they were likely to be purchased by one buyer.
The two buildings were sold at separate auctions this month and each property had received more than 100 buyer inquiries.
The property leased to the CBA sold for $4.515 million while the second property went for $6.825 million.
Fitzroys agent James Gregson said interest in the properties and the auction results reflected the rarity of such an investment holding.
“The properties feature three new long leases to CBA, ANZ and Bank of Melbourne, significant long-term development upside, and are directly opposite to a top-performing Coles supermarket, in undisputedly the best retail location in Williamstown,” he said.
“Despite up to 10 bidders competing for both assets, the one buyer secured both properties, seeing a rare opportunity to have three adjoining banks in the portfolio coupled with excellent future development potential.”
The combined land area is 950 square metres and combined returns on the properties is $438,000 a year plus outgoings and GST.
