A prime Mount Gambier commercial property has sold at auction recently for almost $2m.

Housing the ANZ Bank and the Southern Community Justice Centre, the Commercial Street West building fetched $1.876m.

Given the leases in place, selling agents CBRE calculate the yield to be 8.6%.

A refurbishment of the two-storied building was undertaken by the ANZ in 2015.

The 986 square metre block has a 20 metre frontage to Commercial Street West and has on-site parking at its rear.

The Mount Gambier building was one of a number of commercial buildings which went under the hammer at the auction held at the Brisbane Hilton Hotel.

In all, CBRE sold 23 of the 28 properties on offer for a total value of $76.5m.

Earlier this year, the freehold of a Commercial Street East property housing Subway and other businesses sold for a seven-figure sum.

General News