Selling agent Burgess Rawson associate director Kieran Bourke said there was plenty of interest in the property, which dates back to 1888, with more than 70 enquiries and 20-plus contract requests. 

“Bank investments are quite popular at the moment,” he said. 

There were three active bidders on the day, with the successful bid at $620,000 going to an undisclosed private investor. 

The outcome was a 6.9 per cent yield on its last selling price in 2008. 

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In a statement, Burgess Rawson stated the property at 71 Main Street, anchored by ASX-listed and Big 4 company ANZ sits, presented a net income on $42,805pa plus GST.

In its descriptions, the property was described as being in a strategic position “surrounded by major banks, national tenants and opposite the train station”. 

Mr Bourke said the outcome was in line with what had been expected, with the tenant on a secure 13-year lease to 2021 plus options to 2024. 

The sale took place at Doltone House in Sydney. 

Burgess Rawson is no stranger to auctions of Lithgow property, having handled the 2015 sale of the Supercheap Auto/BWS site, which sold for $3.475m.