Branch sales

BANKWEST’S branch on Bayview Terrace, Claremont as well as locations in Cannington and Victoria Park will be auctioned next month.

Each property is being sold on a lease-back basis with options. The Claremont and Cannington branches have guaranteed rental increases.

BankWest director property Ron Silvestri said the Claremont branch had generated a number of enthusiastic enquiries from public and private investors across Australia.

“These sales are part of the ongoing review of our property portfolio. They are an important step in a long-term program to ensure our accommodation planning fits the needs of the bank’s business growth and development,” Mr

Silvestri said.

Last year BankWest sold branches on a similar basis at 853 Hay Street in the Perth CBD, and in the Perth suburbs of Kalamunda, Leederville and Osborne Park. The Hay Street site sold for $3.54 million.

BankWest will take out a seven-year lease on the Claremont property with four five-year options.

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