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2016
4 July 2016
Iconic Mudgee building sold
Mudgee's historic Westpac Bank building has sold for $1.225 million at auction.
The Property Shop auctioneer Hugh Bateman said the more than 100 year old building was sold to a Sydney buyer who also has interests in Mudgee.
'He's always loved Mudgee and works in Sydney but often comes up here and has much enjoyment coming to the area,' Mr Bateman said.
The iconic building on the corner of Church and Market streets will continue to operate as a Westpac Bank as it has done for more than half a century.
'The building dates back to the 1800s and it's been a Westpac Bank of NSW for at least 60 to 65 years,' Mr Bateman said.
He said the property received strong interest from Sydney buyers with 16 contracts issued for the property prior to auction.
'We're finding now that there's very strong interest in commercial investment right around the state,' Mr Bateman said.
'With yields in Sydney at some sales as low as four percent net. The reason people are looking at commercial property as an investment is they are obviously concerned about current interest rates being so low that their money in the bank is not good and also there is concern about the volatility of the share market.
'And also a concern about an over supply of units in Sydney so people are turning very much to commercial property.'
A further two properties, also belonging to the previous owners of the bank, were sold at auction on Friday1 .