Money in bank
A MAIN-street Coolangatta building that has been home to the National Australia Bank since the 1990s is being sold by its owner for the past four years.
The single-level building at 84-88 Griffith Street was purpose-built for the bank on a site that also fronts Warner and Chalk streets.
The bank, which is one of two tenants, has more than two years to run on its lease and holds two three-year renewal options.
Net income from the bank and the other tenant, a massage business, is $247,450, with annual 2 per cent increases.
The property is to be auctioned on May 26 and is being marketed by the Bourke agency’s Jamie Bourke, who yesterday said the owners of the property wanted to redirect their sale proceeds into a large residential buy.
Mr Bourke said the property came with two giant pluses – its main tenant and its exposure via frontages to three streets.
“The building is synonymous with the NAB because it’s been there for more than 30 years.
“The existing lease, and the extension options that go with it, mean it could still be serving customers for many years to come.” The NAB lease $570 a square metre.
Mr Bourke said another Griffith St property had the ANZ and Bank of Queensland as tenants.
“They are paying $703 and $942 a square metre, which means potential upside for a new NAB building owner if the bank exercises a lease option and a market rent review is undertaken.”
The NAB building is owned by company BJNE SMSF (Custodian), directed by Currumbin residents Brendan and Naomi Collins, which bought it for $3.125m in 2017.
It sits on a three-title 477sq m site and has a net lettable area of 435sq m. is at