Freehold investment occupied by ANZ Bank in Ballina has sold under the hammer to a NSW based investor for $2.325 million, representing a 7 per cent yield.
The two level 417sqm building is located in the centre of Ballina at 162 - 164 River Street, and is leased to ASX listed ANZ Bank on a renewed three year lease expiring in February 2019 with a three year option. The net income is approximately $163,273 per annum.
“We had over 25 enquiries leading up to the auction with a lot of interesting coming from the local as well as interstate investors,” said Steve Clark of Colliers International, who was marketing the property on behalf of a Gold Coast based vendor.
“It is an attractive investment considering the long standing AAA grade tenant with secure income, its central location in a growing coastal region, and surrounding national retailers including Woolworths.”
The building occupies a prominent main street position on a 417sqm freehold site with rear lane access to parking for three vehicles. It is centrally located within walking distance to Woolworths, Coles, Aldi, Ballina RSL, Ramada Hotel and Australia Post Office.
Ballina is situated on the North Coast of New South Wales, about 87km south of Coolangatta.