Canberra property with bank tenant fetches $2.55 million at Burgess Rawson auction

Canberra property with bank tenant fetches $2.55 million at Burgess Rawson auction
Canberra property with bank tenant fetches $2.55 million at Burgess Rawson auction

A property leased to Bendigo Bank in Canberra CBD sold at a yield of 6.7 percent at Burgess Rawson's 103 portfolio auction earlier this month.

The building at 2/161 London Circuit, City sold under the hammer for $2.55 million. 

It is a single-tenant investment, hence easily managed and the tenant renewed a six-year lease from November 2015 with options until 2027.

The bank branch has been at this location for more than a decade.

Net income from the property is $171,910 pa plus GST and there is an annual rent increase of 3 percent.

Canberra is Australia's capital and largest inland city with a population of 381,488.
 
Tags: 
Commercial Sale Bendigo Bank

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