NSW’s biggest CBA branch sells to Melburnian
A Melbourne investor said to be backed by Asian capital has swooped on New South Wales’ largest Commonwealth Bank of Australia branch by area.
At Cabramatta, in the heart of the John Street retail precinct, facing Freedom Plaza, near Pai Lau Gate, the two level, 1467 square metre building sold following an expressions of interest campaign for $31.3 million – a low 3.4 per cent yield.
The land rate – $36,000 per sqm – is a suburb record, the agents added.
The improvement was last refurbished two years ago.
Once in a lifetime asset: agents
The CBA has occupied 38 John St, Cabramatta, over five decades and is on a lease expiring in 2033 with a 10 year option.
The revamp was said to have cost several million dollars.
The (867 sqm) site is about 200 metres from the train station.
Colliers’ Harry Bui and Andrew Bui were the agent.
Cabramatta is about 30 kilometres south west of Sydney’s CBD.
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