A Sydney-based investor has paid $20,200,000 for the Westpac bank branch in The Corso in Manly.
The bank isn’t going anywhere as it has a lease until 2024 as well as four options each for five years. So it is possible the new owner has a blue-chip tenant until the year 2044.
Patrick Kelleher, of Pine Property, said the sale was a good result and there was the potential to upsize and unlock some development potential on the site.
“The tenant is not guaranteed for 40 years but you can’t get a better tenant than a big bank, it is a completely safe investment,” he said.
Westpac bank branch is at 32 The Corso, at the wharf end of the popular thoroughfare that sees eight million visitors a year. The freehold two-storey property is on 664sqm of land and has a 15m height limit. The net income for the site is approximately $994,380. It was billed as a “once in a generation opportunity.”
There are a handful of properties for sale within La Galleria in The Corso and St Matthews Church on the Corso is undergoing a major redevelopment and rebuilding five shop fronts it owns in the pedestrianised section of the road that links the harbour with the ocean. That development of five retail outlets is looking for tenants.
At the ocean end of The Corso the much-loved pub Hotel Steyne sold for $62.5 million in May of this year to businessman Sam Arnaout.