Prime property offers secure investment with banking giant
The NAB building at No.45-47 Rooke St, Devonport will be sold at auction in August. Picture: Supplied
An expertly updated Devonport City building will be highly sought-after at auction next month.
A major factor in its appeal is No.45-47 Rooke St has a new six-year lease with National Australia Bank, plus further options to 2040.
Listed for sale by Elders Commercial Tasmania and Burgess Rawson from CBRE, the asset will be for sale at the August 6 Investment Portfolio Auction 178.
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No.45-47 Rooke St, Devonport.
No.45-47 Rooke St, Devonport.
Elders Northern Tasmania head of commercial sales, Nicholas Bond, described the property as well located on a prominent corner of the Rooke Street Mall.
He said the site benefits from great access and exposure to the broader CBD.
“Recently enhanced by NAB’s extensive investment of $1.7m to create a modern open-plan tenancy, the site is now anchored by a market-leading ASX-listed corporate tenant who has shown great confidence in the future of the Devonport CBD and the need to provide in-person banking services to the local community and wider region,” Mr Bond said.
“In addition to NAB, the property generates complementary income streams from two upper-level tenancies leased to office and beautician users, with the asset collectively generating an estimated net income of $113,198 per annum, plus GST.”
No.45-47 Rooke St, Devonport.
No.45-47 Rooke St, Devonport.
Burgess Rawson sales executive George Wilkinson said the campaign had started with a bang.
“We’ve received strong levels of interest, locally and from interstate, with a number of prospective purchasers considering flying down to inspect the property first-hand,” he said.
“What makes No.45-47 Rooke St a standout investment is its prime location on the main corner of the mall, providing excellent exposure to vehicle and pedestrian traffic.
“The property also benefits from having NAB as its anchor tenant.
“Given the attractive price point and NAB’s significant capital investment in their fit-out, this represents an excellent opportunity to acquire a property with strong investment fundamentals.”
This strategically positioned property offers investors the opportunity to secure long-term rental income from one of Australia’s largest financial institutions.
No.45-47 Rooke St, Devonport.
No.45-47 Rooke St, Devonport.
The corner property on Rooke Street Mall houses a National Australia Bank branch, providing investors with the stability of a tenant boasting over 8.5 million customers, 39,000 employees, and a market capitalisation of $122bn.
As the nation’s third-largest ASX-listed financial institution, NAB represents a blue-chip tenant with proven longevity.
The investment proposition is further strengthened by an investor-preferred net lease arrangement, where NAB assumes responsibility for its share of council rates, water rates, land tax, and building insurance.
The lease structure also delivers predictable income growth through fixed annual increases of 4 per cent, compounding over the lease term.
The 311sq m freehold corner site offers dual frontages to Rooke Street Mall and Stewart Street, positioning it within Devonport’s premier retail precinct.
No.45-47 Rooke St, Devonport.
No.45-47 Rooke St, Devonport.
The building’s total gross building area spans 807sq m across multiple levels, representing an irreplaceable landholding within the Devonport Central Business zone.
At the branch opening last year, NAB’s Tasmanian retail customer executive, Karen Ford, said the team are excited to continue to help customers from their new-look site.
“We’ve been a part of the Devonport community for more than 50 years, and are looking forward to serving our customers in our new space,” she said.
“The new branch is an open-plan design, with meeting rooms, areas for conversations with banking specialists, a 24/7 Smart ATM and a digital banking education space with iPads for customers to use for online banking.”
No.45-47 Rooke St, Devonport.
No.45-47 Rooke St, Devonport.
While the new Devonport branch features the latest banking equipment, one community relic takes pride of place — a vintage click-clack machine gifted to customer adviser Kathy Dobson by a local customer.
The manual credit card imprinter, used by merchants before electronic payment terminals, serves as a reminder of the branch’s community connections and banking’s evolution.
Mrs Dobson has labelled it “History 101” to show younger colleagues how far the technology has advanced.
