Melbourne, 07 September, 2017: Cushman & Wakefield today announced its appointment to sell the commercial building at 72 Baylis Street in Wagga Wagga via a public auction - the first time the property has been on the market in 25 years
The 604 sqm site, located on the corner of Baylis and Morgan streets in the CBD, has been occupied by National Australia Bank (NAB) for over 30 years, with a new lease secured in June over a five year period. The property generates an estimated annual net income of over $150,000.
Cushman & Wakefield Director, Sales and Investments, Anthony Bray and manager, Paul Heathwood are managing the sale on behalf of the owner, Jerry Dukes, Director of Wongaling Pty Ltd.
In the last year, we have seen a number of substantial properties sold in and around the Wagga Wagga CBD, including the 96 Edwards Street Dan Murphy’s site selling for over $10 million, 12 Edwards Street for $7.8 million and 85 Baylis St for $1.1 million.
Commenting on the upcoming auction, Paul Heathwood, said: “We expect this property to generate strong interest amongst potential buyers that are attracted to the robust annual rental return and long-term, blue chip tenant in NAB.
“This site, like many of those recently sold in the areas, is expected to deliver a substantial yield and we expect a strong level of inquiry amongst private investors and self-managed super funds looking for quality assets in high profile locations.”
The auction is due to be held in Sydney on Tuesday, 17 October.
Contact Paul Heathwood or Anthony Bray for more information.