ANZ Makes $81.5 Million From Sale of 47 National Branches

In Victoria, an ANZ Bank at 13 Chesterville Road Cheltenham sold after auction for $2.5 million, while in Doncaster, a bank at 686 Doncaster Road fetched $2.34 million on a low 4.44 per cent yield.

Jones Lang LaSalle managing director Andrew Wood, who negotiated the national sell-off for ANZ, said recent share market volatility is clearly driving investors to passive secure property assets, like those on offer this week which had long leases.

The highest price paid was for a bank in Hay Street West Perth, which fetched $8.25 million, and sold on a yield of 5.28 per cent.

The banks to sell on the lowest yield included the ANZ Bank at Spring Hill in Queensland, which sold for $2.27 million on a yield of 3.43 per cent, and a bank in the Victorian coastal township of Hastings, which sold for $1.3 million, reflecting a yield of 3.77 per cent.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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