Wahroonga Westpac sells at Burgess Rawson auction
The Westpac branch at Wahroonga on Sydney's north shore has been sold through Burgess Rawson on a tight yield of 5%.
Securely leased to Westpac until 2018 with options to 2028, it fetched $3.85 million.
It was a 271 sqm part two storey freehold building with on-site parking.
The Burgess Rawson marketing agent Simon Staddon said it came with "attractive annual 5% rent increases."
"The bank pays 100% of outgoings as per lease."
It's net income was given as $196,983 pa + GST.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.
