WITH Australia’s fifth-largest retail bank as a long-term tenant, there’s a big reason why investors will see this Belmont property has a safe bet.
The 434sq m home to the Bendigo Bank’s Belmont branch at 142-146 High St is being offered for auction in March.
Darcy Jarman, Geelong West agent Simon Jarman said a $2 million price range was being quoted for the property.
“The Bendigo Bank has been there since 2004 so it’s a longstanding tenant and they’ve just exercised a three-year
lease in October last year,”Mr Jarman said.
“But it’s more about High St and the location of that property is in the heart of High St, which is one of Geelong’s premier shopping strips.
“From an investment point of view, a longstanding tenant with a land area of just under 560sq m makes it the perfect investment with some long-term development potential.”
The building offers an open customer service area, secured teller counter and meeting offices at the front, with a lunch room and kitchenette, toilet and storage facility at the rear.
The bank signed a new three by three-year lease on the property in October, 2019.
The Bendigo pays $103,500 rent annually, plus GST, with 2 per cent annual reviews.
The bank occupies a prime position directly opposite the busy Aldi supermarket with Coles and other major banks.