A freehold commercial building leased by the Commonwealth Bank of Australia in the Latrobe Valley town of Morwell, east of Melbourne, has been sold by Ray White Commercial for $1,060,000.
The building on a prominent corner site at 200 Commercial Road, Morwell was sold to an investor by Brett Diston of Ray White Commercial Victoria on behalf of a private owner for a yield of 7.0 per cent.
Mr Diston said the approximately 420 sqm building offered a fantastic investment opportunity.
“The Commonwealth Bank is a long term tenant in the building with a 5 + 3 year lease in place,” he said.
“The property returns net rental income of approximately $75,000 per annum with five per cent annual rent increases.
“It’s money in the bank for our astute purchaser.”
Morwell is located approximately 150km east of Melbourne and is the administrative centre for the Latrobe Valley, the energy production centre for Victoria.