Bob Jane’s former wife Laree Jane sells Wodonga bank branch investment at a loss

Friday 12 April 2013

Written by Larry Schlesinger, Property Observer

The Westpac bank branch on Wodonga’s High Street that was owned by tyre king Bob Jane’s former wife, Laree Jane has been sold to another investor on behalf of receivers at auction for $2.6 million.

The 460 square metre property at 141 High Street was sold as part of a Burgess Rawson portfolio auction this week.

The property was not advertised as a mortgagee sale until announced so by auctioneer David Scholes from Auctionworks at a packed River Room at Crown Casino.

The property was sold on behalf of receivers, Sellers Muldoon Benton having been marketed by Jamie Perlinger and Billy Holderhead from Burgess Rawson.

Westpac has a seven year lease commencing in 2009 on the building which has the latest Westpac fit-out.

Land transfer documents obtained after the auction by Property Observer show that a company called Grabzoom Wodonga Pty Ltd based in South Yarra acquired the building for $2.763 million with a loan from the Commonwealth Bank.

The document is signed Laree Madonna Jane, listed as the sole director and sole company secretary of Grabzoom Wodonga Pty Ltd with ASIC documents noting a 504C notification of appointment of a controller on February 20 this year.

On February 21 this year, a caveat was placed over the property with Pitcher Partners noting their lending against the property.

Bidding for the bank branch started at $1.7 million with four bidders competing for the property.

The winning bid of $2.6 million represented a yield of around 7% with Westpac paying annual rent of $195,000.

RP Data records show the bank was paying net rent of $184,000 per annum when it was acquired by Grabzoom.

Bob Jane and Laree Jane separated in 2008 after two decades of marriage following a bitter break-up and dispute over two Bob Jane T-mart franchises.

At the same auction three other bank branches sold including a Commonwealth Bank in Swan Hill which fetched $1.41 million.

Read the original article here.