Bank Building $901,000 under hammer

Yarrawonga ANZ Bank building fetches $901,000 at commercial auction

STORY ACCREDITATION: The Border Mail, 19 February, 2023 | WRITER: Ted Howes

About 50 people turned up on Friday afternoon to watch an ANZ Bank building at Yarrawonga sell for $901,000. The agent, Andrew Dixon, said he understood the buyers were keen to maintain ANZ as a tenant paying $55,000 a year. Picture by Ash Smith

AN ANZ Bank building at Yarrawonga has sold under the hammer for $901,000 with hopes from townsfolk it will continue to be leased by the bank.

Five registered bidders attended the auction which drew about 50 people and started with a vendor bid of $750,000.

Auctioneer Andrew Dixon, of Dixon Commercial Real Estate, said bidding on Friday, February 17, reached $900,000 before it was upped by $1000 to secure the property.

Picture by Ash Smith

While the property was marketed as “a superbly positioned commercial freehold property presenting an opportunity for buyers to invest, and occupy in the medium-term, or develop”, Mr Dixon said he understood the buyer, whose name was not disclosed, was keen to maintain ANZ as a tenant.

“The ANZ Bank has occupied the building for many years and they’ve had a presence in Yarrawonga since 1880,” Mr Dixon said.

“The purchaser is very happy for the ANZ Bank to continue its occupation, he wants ANZ to stay as long as possible.”

Auctioneer Andrew Dixon. Picture by Ash Smith

The term of the $55,000 a year lease ends in July with an option for another year of tenancy.

“The vendor has been a long-time client of our office, they were originally from the King Valley before they moved to Wangaratta,” Mr Dixon said. “They bought the property about 20 years ago and ANZ have been a tenant there for many years.

“It’s been a bank for 40 years and I understand it’s going to stay a bank under lease.

Picture by Ash Smith

“They may end up staying there for an extended period.”

The tenancy of the building comprises 216 square metres situated on a “strategic corner site” of 734 square metres.

Mr Dixon said he was not surprised the building was snapped up quickly as it had many attractive features including air conditioning, plenty of car parking, is fully carpeted, and is close to schools, shops and public transport.