Bank of us puts head office up for grabs
No.87-91 Brisbane St, Launceston. Picture: Supplied
Bank of us has announced plans to sell its former head office building in Launceston.
This is part of the Bank’s long-term strategy to exit property ownership and focus on sustainable investment in its people, customers and communities.
Bank of us chief executive Paul Ranson said the sale represented a positive step in the bank’s strategy and followed its recent investment in a new head office at the award-winning St Lukes Building in Cimitiere St.
Bank of us will complete a leaseback of its existing Launceston retail store, which will remain in its current location.
“It’s important to us that our customers continue to enjoy the same convenient access and great service from our team,” Mr Ranson said.
“We’ll also work closely with Elders and our current tenants to ensure the transition causes as little disruption as possible.”
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No.87-91 Brisbane St, Launceston.
No.87-91 Brisbane St, Launceston.
Elders Commercial has been appointed to manage the sale of the property at No.87 Brisbane St, through an expression of interest campaign.
Positioned on Brisbane St in Launceston’s core banking and professional services’ precinct, the multi-tenanted, strata-titled asset is fully leased and benefits from strong pedestrian exposure and excellent transport connectivity.
Current occupants include Bank of us (retail store), the iconic Petrarch’s Bookshop, Women’s Legal Service and Comcare, with existing tenants to continue in place.
The property comprises ground-floor retail and first-floor office accommodation connected by a commercial-grade lift, with security, ducted airconditioning and disability-accessible entry.
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No.87-91 Brisbane St, Launceston.
No.87-91 Brisbane St, Launceston.
Cale Ayres, associate director of commercial sales and leasing at Elders Commercial, said investors will immediately recognise the strength of this property’s income stream of $613,359 net per annum, excluding GST.
He noted the practical advantage of having 28 secure basement car parks in a location where parking is scarce.
“Add the flexibility of multiple strata titles, and you have a compelling package with optionality for future strategy,” he said.
No.87-91 Brisbane St, Launceston.
No.87-91 Brisbane St, Launceston.
Elders Commercial sales and leasing agent, David Webster, said the asset is a “rare, first-time-to-market CBD investment” underpinned by a strong tenancy profile and a 4.73-year weighted average lease expiry.
“Backed up by the property’s strategic position in Launceston’s core banking and professional precinct, with the likes of ANZ, Westpac and CBA nearby; speaking to the property’s long-term relevance and resilience,” he said.
No.87 Brisbane St, Launceston, is for sale by expressions of interest, closing at 4pm on November 20.
