ANZ tipped for success at auction

Published on: 17 November 2020

Commercial property investors can tap into the ongoing strength of the Australia’s essential services sector when an ANZ bank at Queanbeyan is auctioned next month.

With banks continuing to be among the most sought-after asset classes nationally, the high-profile property at 73 Monaro Street (Kings Highway) has come to market at an opportune time for buyers.

The retail and office asset is tipped to sell for in excess of $1.85 million when it goes to auction at Burgess Rawson’s final Portfolio Auction event of the year on Wednesday, December 9.

Occupied on a recently renewed lease to ANZ, the property is further supported by a partial lease to the adjoining Royal Hotel, which rents a rear office space and 10 parking spaces.

Returning $123,015 pa + GST in annual rent, it also includes rare 4% fixed rent increases to ANZ and CPI to the Royal Hotel, along with options to renew their current leases.

Burgess Rawson agent Beau Coulter, who is marketing the property with Kieran Bourke, said the property was one of the best located bank freehold listings to come to market for some time.

“It’s a very good opportunity. The location is second to none, being on a high-profile site on a major arterial and surrounded some fairly significant retail infrastructure,” Mr Coulter said.

“It’s right in the middle of Queanbeyan’s CBD and only moments from Riverside Plaza, which features more than 40 retailers, as well as being among other major banks.”

“In addition, it is only 10km from the Canberra CBD and sits on the main arterial in and out of Canberra to the east, so it’s a high traffic position.”

The property occupies a 727sqm site with 313sqm of improvements and 12 metres of street frontage. The ANZ branch was recently updated to the bank’s latest corporate standard, with 79% of the property’s income secured by ANZ.

Burgess Rawson’s Investment Portfolio Auction will be held at 11am AEDT on Wednesday, December 9.

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