Another of Lithgow's bank buildings will be put up for sale by auction.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
The auction of the Westpac building on Lithgow's Main Street will be held at 11am on April 2 by commercial real estate agent Burgess Rawson.
Burgess Rawson states the building is tenanted to Westpac on a 10-year lease including options to 2031.
"The bank has been open for more than 30 years with the vendors having owned the property since 2007," the statement said.
The property includes a two-storey building and on-site parking on its Main Street site, which is 613 square metres.
Burgess Rawson Associate director Tom Doran said financial institutions were a secure investment for those wanting to build their portfolio.
"Bank investments are a popular choice for investors as they are often backed by ASX-companies, and this property is no exception where we have Westpac as the longstanding tenant - a household name with a $90 billion market cap," he said.
"If you were to pick any asset to own on the Main Street in Lithgow this would be the one... great tenant, triple shopfront and over 50 customer parking spaces at the immediate rear of the property. These attributes help future proof the asset."
Mr Doran said the site had attracted "significant interest" from Sydney investors due to its proximity to the city.
"Burgess Rawson sold Lithgow's ANZ in September last year for $620,000 on a 6.9 per cent yield, so people are realising that you can in fact purchase a commercial property investment here at an entry-level price," he said.
The property will go under the hammer at Burgess Rawson's flagship portfolio auction from 11am at Sydney's Doltone House on Tuesday, April 2.
While you're with us, you can now receive updates straight to your inbox from the Lithgow Mercury. To make sure you're up to date with all the news, sign up here.