An investment worth banking on: Victorian-era property in Yass on the market

Not too many people are putting their money into a bank these days expecting a good return, but here’s an opportunity that will restore the faith.

This Victorian-era, two-storey beauty in Yass has been occupied by the NAB and its predecessors since the early 1870s.

And the banker has a lease on 77 per cent of the building until 2022 with options that extend a further four years.

An investor who snaps up this building can probably look to the future with some confidence given the NAB’s 150-year tenure in this vibrant agricultural region.

The balance of the building is leased to another “pick and stick” business that has occupied its space for more than 20 years, with options through to 2027.

James Baker of Burgess Rawson Canberra says the building is full of charm and character features.

“It’s got everything you would associate with a Victorian-era building: high ceilings, ornate cornices, timber window and doorframes – the bank counter is also original,” he says.

“The building isn’t heritage-listed and that might ease the ability to repurpose it in the future.”

The building could lend itself to a conversion into short-term accommodation or, perhaps, street-level commercial and an upper-level executive apartment.

Baker says the leases returned a yield of about 7 per cent.

Yass

View property

Price guide: $1.1 million

Expressions of interest: Close 4pm, November 5

Agent: Burgess Rawson Canberra, James Baker 0421 863 040