Westpac Bathurst site sold for $2.12 million

A 1,500-square-metre Victorian building in the Bathurst CBD with Westpac as its anchor tenant has been sold at auction for $2.125 million.

Westpac leases 80% of the property at 86 William Street, with the other tenancies being an office and four-bedroom residence upstairs, both of which are leased.

The sale price reflected a yield of 7.3% on income of $155,000.

The property was marketed by Charles Gonzalez from Burgess Rawson as part of a commercial property portfolio auction, which also included a Mount Druitt 7-Eleven service station that sold for over $4 million.

Gonzalez describes the Bathurst property as a “substantial classic freehold building”.

Westpac has a 10-year lease on the building running from June 2009 with an option of a five-year renewal. The new owner is guaranteed 3% annual rent increases, with Westpac paying outgoings.

One of the two properties that did not sell at the December 6 auction was a Woolworths Caltex Service in Seven Hills offering annual income of $183,000. Negotiations are currently under way over the sale of this property.

An 830-square-metre strata floor on Broadway, Ultimo near the Sydney CBD offered as vacant possession also failed to sell despite some bidding.