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News release

High-profile CBA building on Bowral’s retail strip sold for $2.9m at today’s public auction: Jones Lang LaSalle

Central landmark location on a busy strip offers great value for investors

SYDNEY, 1 NOVEMBER 2012 – The high-profile Commonwealth Bank of Australia commercial building at 294 Bong Bong Street, Bowral sold for $2.9m at a Sydney auction today. The property sold on a yield of 5.9%.

The building, a prominent, landmark building on Bowral’s busy retail strip, was sold by Jones Lang LaSalle’s Anthony Bray to a private investor in Bowral.
The building is being offered with an existing lease to the Commonwealth Bank of Australia, who have been in residence in excess of 50 years. The building was built in 1880 and has only ever been a bank.
Jones Lang LaSalle was appointed in conjunction with Richardson & Wrench Bowral to offer the well-known commercial building for sale. The well-maintained, two-storey commercial retail building offers 265.2 sqm of retail floor space as well as an additional 107 sqm of first level office space.
Anthony Bray, Director of Sales and Investments – NSW at Jones Lang LaSalle said it was a competitive auction.
“The building holds pride of place in the centre of Bowral’s commercial and retail shopping strip, with an estimated 26.5 metre frontage to the popular pedestrian thoroughfare known as “Corbett Plaza”, which boasts unique fashion stores and cafes and receives high traffic from passing motorists and pedestrians,” said Mr Bray.
“Bowral is the economic and cultural hub of the Southern Highland, offering a strong tourism industry. Thousands of visitors now frequent Bowral, especially during winter, enjoying local restaurants, B&Bs and wineries, providing a great opportunity for potential commercial investors.”
Located just 120 km’s south of Sydney CBD, Bowral is easily accessible via the M5 expressway from Sydney, the City Rail ‘Southern Highlands Line’ or CountryLink service to Canberra. The Bowral Railway Station is located only 150 metres from the building.