In more news on the bank branch merry-go-round, ANZ left the flagship Collins Place branch it had occupied since the towers were built in 1981.
In a deal brokered by Josh Luftig, Tan Thach and Zelman Ainsworth of Ainsworth Property, the bank lit up its former 900 square meter banking chamber and took 200 square meters from the street at 100 Exhibition Street.
With thousands of office workers missing from the Parisian end of the CBD, there was likely no such thing as the financial traffic the branch once handled.
In addition to removing branch franchises from their balance sheets, banks are shedding old leases and making the most of the reduced rents on offer in today’s market.
NAB, which previously occupied the space at No. 100, at the foot of the Mantra Hotel, moved to the corner of the former McDonald’s space at 24 Collins Street.
Deeper in the commercial center of the CBD, Bendigo Bank moved out of its space in the Block Arcade secondary entrance and took over TM Lewin’s former excavations at 356 Collins Street, while the Bank of Melbourne moved out of 233 Collins Street.
AP’s Ainsworth is now marketing this address, owned for many years by the Bank of Melbourne, as high-end boutique space.
The Australian Property Institute, a pressure group for appraisers, unloads its office building on the Port Melbourne waterfront.
The two-story Victorian at 10 Beach Street is on 385 square meters of land overlooking the dog beach and around the corner from the Bay Street shopping strip.
API bought the property over 30 years ago for just $723,000. It is expected to gross over $5 million.
The lobby group has appointed Greville Pabst as transaction advisor, while Colliers’ Anthony Kiran, Daniel Wolman, Alexander Leggo and Joff Mithen will handle the transaction.
“We believe that 10 Beach Street is the only freestanding beachfront office building in the city of Port Phillip. The sheer scarcity of this offering makes it an exciting prospect,” Kirwan said.
“The property is subject to favorable mixed-use zoning which allows for both office and residential uses. There is also legitimate potential for a prospective buyer to add additional levels to the building,” Pabst said.
API has moved to the CBD and will use the funds for training and education, API boss Amelia Hodge said.
The peripheral suburbs are very popular. A three-story building around the corner at 270 Bay Street recently sold for $3.7 million with a 2% yield.
A homeowner has taken over the unrenovated property in a deal handled by CBRE agents Nathan Mufale, Scott Hawthorne, Alex Brierley and JJ Heng.
Australian Unity became the buyer of the Corio Medical Clinic in Corio, on the outskirts of Geelong, paying $9.5 million.
The 1324 square meter building sits on a huge 6700 square meter lot at 1 Bacchus Marsh Road, with a head lease to Better Medical.
Better Medical and other tenants are paying about $430,000 a year in rent, giving the transaction a return of about 4.5%.
The property, which includes three houses and space for 74 parked cars, is clearly suitable for further development.
Stonebridge agents Rorey James and Kevin Tong handled the transaction after it went public in September 2021.
Tong said interested buyers were attracted by the better returns generated by regional investments and the 50% savings on stamp duty.
“They also have great confidence in the regional areas as a result of the pandemic and more people are now living there permanently,” Tong said.
Lawyers who owned Level 2 at 326 William Street, overlooking Flagstaff Gardens, doubled their money after selling their large 527 sq m office floor-to-ceiling for $3.5 million.
Berger family law firm Kordos Lawyers closed in mid-2021 after 16 years, according to its website, with the Kordos Lawyers side of the equation merging with ASX-listed Australian family lawyers.
The Berger side of operations has become Dignity Legal and is expected to focus on mediation and non-adversarial dispute resolution.
Records show the partners’ investment firm, Bervk, bought the office in 2009 for $1.7 million.
An attempted vacant sale last year failed to find a willing buyer, but the space has now been leased to Australian family solicitors.
Colliers agents George Davies, Anthony Kirwan and Tanisha Seeling handled the campaign, which resulted in three offers. The property was sold at a generous 5% yield to a syndicate looking for a passive investment.
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