Three adjoining bank freeholds at Williamstown go under the hammer next month for a combined asking price of more than $10 million.
The properties at 48-50 and 52-56 Douglas Parade are leased to branches of the Commonwealth Bank, the ANZ and the Bank of Melbourne.
The asking price is $4 million-plus for the Commonwealth Bank building and $6 million-plus for the ANZ and Bank of Melbourne property.
Fitzroys real estate associate James Gregson said although the properties were being auctioned separately, he wouldn’t be surprise if one buyer purchases both.
“These properties are truly a strategic and irreplaceable investment holding.”
The property at 48-50 Douglas Parade has a land area of 312 square metres and a 240 square metre building. The Commonwealth Bank signed a new seven-year lease here, returning $169,033 per year plus GST and outgoings.
The property at 52-56 Douglas Parade is on 638 square metres with a building of 500 square metres, consisting of two shops.
It is offered with a new seven-year lease to ANZ and six-year lease to the Bank of Melbourne, with a combined rent of $269,037 a year plus GST and outgoings.
If sold together, returns on the properties would be $438,000 a year plus outgoings and GST.
The auction is on May 11 from noon.
