Trio of ex-Commonwealth Banks queued up for sale
The Commonwealth Bank is selling three of its former branches in Adelaide as it continues offloading a number of its South Australian assets.
The banking giant has sold branches at Salisbury and Prospect over the last 24 months, and has now put outlets in the Adelaide CBD, Park Holme and Strathalbyn on the block.
The pick of the properties could be the CBD branch at 175 Hutt St, which will be auctioned on August 29 and features a 400sqm freestanding building on a 336sqm site, with development potential for four storeys.
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Continuing the trio of ex-banks, Park Holme’s former branch at 1 Chambers St adjoins the Park Holme Shopping Centre and offers a substantial 563sqm site with 322sqm of building.
The former Adelaide CBD branch of the Commonwealth Bank on Hutt St.
CBRE agents Harry Einarson, Mitch Curnow, Ned Looker and Rhyce Scott have been engaged to market the property and say that the location next to the shopping centre adds significantly to its appeal.
“Forming part of the existing Park Holme Shopping Centre, 1 Chambers St offers a prospective purchaser all the benefits of shopping centre ownership without the hefty price tag,” Einarson says.
The third property at 39 Commercial Rd in Strathalbyn has a 260sqm building on a 483sqm site, and includes a three-year leaseback to Commonwealth bank for the property’s ATM space, which remains in place.
The former Commonwealth Bank in Strathalbyn.
Curnow says the properties present as blank canvases and could be repositioned as offices, medical facilities or retained as retail.
“Each property will be offered with vacant possession and is well positioned amongst existing retail – suiting a variety of end uses, including office, medical or a continuation of retail use,” he says.
“We are very excited to be partnering again with Commonwealth Bank of Australia on what will be our third, fourth and fifth respective listing in the past 24 months.”
The Park Holme and Strathalbyn branches will be offered for sale via expressions of interest, with 175 Hutt St to be sold by Public Auction in the coming weeks.
