Bank on Manly’s beachside Westpac

A young investor is being sought for the Westpac Bank premises in the heart of Manly.

The bricks and mortar commercial site on The Corso is for sale but the major bank has the option to lease it back for up to 25 years — until the year 2044.

The two-storey building is being billed as a once in a generation opportunity and with a potential tenancy of 25 more years it would perhaps suit a younger investor, or someone interested in developing the site.

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Westpac is the wharf end of the famous road on a 664sqm block.

Records show the commercial site traded in the year 2000 for $4 million.

The modern bank in The Corso, Manly is looking for a new property owner.

It is now selling by expressions of interest with a deadline of early July.

Patrick Kelleher, of Pine Property, says the modern property is currently leased to the bank until 2024 but the bank also has options for the next 25 years.

“The freehold property is situated in one of Australia’s most desirable and iconic locations and the tenant is longstanding having occupied the spot for more than 40 years,” he says.

The property also has potential to be redeveloped, says Kelleher, in line with its neighbours.

“There is the potential to redevelop the site with office space upstairs. Office space is a real premium in Manly commanding $1000 a sqm,” he says.

Currently the net income from the bank is an approximate $994,380 per annum plus GST and the existing lease runs until 2024. However there are options to extend that lease for 20 years beyond that, to the year 2044.

A generational opportunity in the heart of Manly.

Kelleher says the tenant pays all outgoings and there is a 4% annual rent increase.

“Manly attracts over 8 million visitors every year. Manly Wharf and the shores of Manly Beach boost an exceptional level of exposure for the property with high volumes of pedestrian traffic,” Kelleher says.

Westpack Bank is listed on the Australian Stock Exchange with a market capitalisation of $95 billion, according to the two agents marketing the property.

Investors interested in the site are invited to submit expressions of interest on 32 The Corso, Manly, to either Pine Property or Cushman & Wakefield Sydney by Tuesday July 2.

This article from the Manly Daily originally appeared as “Young investor sought for prized central Manly real estate”.