A prominent two level freehold property at 888 Nepean Highway Hampton East will be for private sale at $3.1 million dollars.
The CBA is currently vacating the premises so the property that is only a couple of doors from the South Road junction is expected to appeal to both investors and developers.
Barry Plant Commercial selling agent Frank Hellier said vendor will take 12 months for settlement.
Mr Hellier says that the site area is 425 sqm with a street frontage of 11.58 metres.
The existing and fully fitted out brick building has a ground floor area of 395 sqm with the first floor having stair way access from the building foyer adds a further 123 sqm.
“On offer is a quality part two storey bank building holding a Commercial 1 zoning with on-site parking with rear lane access.
“An investor could seek to secure a new tenant for which we would anticipate an annual rental of the order of $150,000 – $165,000 which would provide a market competitive return.
“Or the property could be redeveloped as there is an as there is no height level restriction on this site.
Draft plans prepared indicate six quality two bedroom apartments and two retail spaces, or nine one-bedroom apartments could be added.
The bank quality internal fit out includes nine individual offices, a teller’s desk, a significant conference room space measuring 6.5 by 8.6 metres, a large reception area, even the secure bank vault remains.
While the first level space is devoted to staff services including storage, a staff kitchen and male and female amenities.
Mr Hellier says that while the CBA vacated its former branch premises by auction day it would prefer to retain the Automatic Teller Machine on the front of the building for which an annual rental of $8,000 is envisaged on long or short term lease.
“Clearly from a tenancy potential this building would suit a corporate or professional occupancy, even another financial institution, as it enjoys a premium position with significant main road exposure.
“A developer would clearly want to review redevelopment options, given the strong residential appeal of the Hampton post code, to create a residential or apartment option on or above the present building structure.
“We have sought preliminary advice from an architectural practice indicating that up to six two bedroom apartments could be an option using the present footprint of the building”
Mr Hellier adds that the building is being offered for sale on behalf of a private vendor who has owned the property for more than a decade and has enjoyed the CBA tenancy.
“It is also infrequent that a property with the magic street number of 888, presaging good fortune, becomes available for purchase”.
For more information please contact Frank Hellier 0418 556 145 or Michael Care 0432 488 939 from Barry Plant today.
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