Gym operator pays $11.2m for local bank

In March, eastern suburb investor Vaughan Blank paid $17m for a former Westpac branch at Bondi Beach.

A Coogee retail investment, purpose built in 1985 for Commonwealth Bank of Australia, which still occupies, sold for $11.2 million at auction on Tuesday.

The price for 199 Coogee Bay Road reflects a 3.6 per cent net passing yield.

Zoned B2 Local Centre, the 407 square metre site, at the south west corner of Brook Street, has the potential to make way for a four level structure.

It is presently two floors – with 585 sqm of lettable area.

CBA signed a three year lease prior to the property being offered for sale; CBRE’s Gemma Isgro, Henry Robertson and Nicholas Heaton were the agents.

It previously traded in 2013 – again with a sub-three year Weighted Average Lease Expiry, excluding options – for $5.59m to a Japanese expat (story continues below).

The Coogee site (marked) is walking distance to the beach.

The incoming owner, sources say, is a local gym owner.

In Coogee’s main retail thoroughfare, the property is 250 metres from the beach.

The upper level of 199 Coogee Bay Road is configured with offices.

“The north-east aspect…allows the property to benefit from an abundance of natural light and ventilation in a location [which] will never be built out,” the agents promoted.

Two months ago Vaughan Blank, the former head of Swiss commodities trader Glencore, paid $17m for a former Westpac bank at Bondi Beach, about five kilometres away.

That property, 26 Hall St, also previously sold in 2013 – for $6.42m.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of