Gym operator pays $11.2m for local bank
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 incoming owner, sources say, is a local gym owner.
In Coogee’s main retail thoroughfare, the property is 250 metres from the beach.
“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.
