Prime Property Sold At Auction

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 Burgess Rawson 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, Burgess Rawson 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.