More than 55 investors interested in Morayfield Wespac Bank branch sale
More than 50 investors wanted to purchase this bank branch north of Brisbane when it went under the hammer – it got snapped up for more than $2 million.
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A bank branch at Morayfield, north of Brisbane, has been snapped up by an investor for $2.6 million at auction.
The sale of the freehold to the Westpac Banking Corporation branch at 159 Morayfield Road, Morayfield, sparked inquires from 55 investors around Australia.
It includes a 325sq m building area, 1082 sqm block – adjacent to the popular Morayfield Shopping Centre.
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Ray White Commercial Northern Corridor Group director Chris Massie, who made the sale, said the auction was more difficult due to the COVID-19 pandemic.
“The auction date was set for March 27, and given the circumstances surrounding COVID-19, you could be forgiven for thinking this was the worst possible time for an auction,” Mr Massie said.
“It was just two days after lockdown put an end to physical auctions, but we were still able to achieve a premium outcome for this stand-alone investment.
“The national campaign generated 55 inquiries, with the bulk of these coming from southern state private investors.”
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Ray White Commercial Northern Corridor Group Senior Analyst Ashley Rees said the region was becoming popular with investors.
“The Northern Corridor is becoming an easier region to explain the benefits of to investors, which is opening up new markets, and increased buyer competition for owners looking to sell,” Mr Rees said.