Two high profile buildings leased to the Bendigo Bank and the ANZ Bank are set to hit the market simultaneously in the Bendigo CBD with agents expecting a hot contest from local and interstate investors.
Colliers’ Travis Hurst and Joseph Eaton have been appointed to sell the buildings at 87-89 Mitchell Street and 91-93 Mitchell Street Bendigo by Expressions of Interest closing Thursday March 10.
“Both are prominent corner buildings and are situated on opposite sides of Lyttleton Terrace near the intersection of Wills and Myers Streets,” Mr Hurst said.
“The Bendigo Bank branch at 87-89 Mitchell Street in particular is something of a local landmark with its eye-catching digital clock and themometer on the east facing façade.”
87-89 Mitchell Street is a two-level 910sqm building on a 455sqm corner site. Leased to the Bendigo Bank until 2024 with further options, the building has two separate tenancies with a total net annual income of $128,634.
91-93 Mitchell Street is a single level 691sqm building on a 749sqm site with exposure also to traffic in Wills Street, Myers Street and Lyttleton Terrace. Leased to the ANZ Bank with a current net annual income of $136, 265 until 2026 with further options, this building is adjacent to a multi-level car park.
“Both of these buildings are very pronounced and noticeable as you travel on Mitchell Street either by car or on foot,” Mr Hurst said. “They feature long term secure blue chip tenants in both and are very central to Bendigo’s CBD as well as being conveniently close enough to the Marketplace Shopping Centre.”
While securely leased, Mr Hurst said there was room for long term capital growth still available in both buildings.
“There is room for future growth in rent return for both buildings by way of market rent review in the future as well as significant scope for income expansion via some minor capital expenditure,” Mr Hurst said. “Both buildings present varied and unique opportunities.”
Mr Eaton said agents expected the asset to attract significant interest, particularly as Bendigo was becoming an increasingly popular destination for a range of investor groups.
“Bendigo offers a unique mix of location, services and lifestyle and is ready to facilitate investment from existing and future businesses,” Mr Hurst said. “Located in central Vicoria and less than two hours from Melbourne, Bendigo is one of Victoria’s largest regional cities that remains pivotal in Victoria’s economy as a central distribution point.
“With a population of over 118,000 people, Bendigo offers premium job opportunities, world class education, affordable housing, exciting restaurant and retail options, accessible community services, beautiful heritage and a great lifestyle for all.”
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