Victorian regional banks listed in Burgess Rawson 100th Investment Portfolio Auction

Tuesday 20 October 2015

Written by Jonathan Chancellor, Property Observer

Burgess Rawson are offering two Westpac bank investments as part of its 100th Investment Portfolio Auction.

Located in Leongatha and Wangaratta, both properties offer buyers in the lower end good long-term security, said listing agent Raoul Holderhead.

“The Leongatha property also includes a successful OfficeSmart business, so you are buying two for the price of one” Mr Holderhead added.

Westpac have just renewed for another five years with the tenant paying all outgoings. There is a combined net income of around $80,000. Mr Holderhead expects the Leongatha property to sell circa $1 million on a yield of 8%.

“Leongatha is the dairy capital of the world so very safe secure town to invest in,” said Mr Holderhead who was born and bred in the town he vouches for.

The Westpac in Wangaratta is on a new three year lease to June 2018. Set over two levels the building comprises 460 sqm on a central 909 sqm site. Westpac pay all outgoings including land tax with an income of $104,800 selling agent Jamie Perlinger expects the property to sell for around $1.4 million.

Burgess Rawson is a leading investment sales specialist, pioneers of the portfolio auction system, which celebrates its 100th auction this October.

Beginning in 1975, Burgess Rawson established a nationwide network of offices and is Australia’s largest locally owned and operated commercial property agency, marketing more than 10,000 properties and generating sales in excess of $25 billion over the past 40 years.