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WA this week 10 years ago - CBA sell-off

THE Commonwealth Bank auctioned 12 of its Western Australian properties this week, 10 years ago. More than 300 potential investors jockeyed to buy the branches despite them attracting yields as low as 6 per cent. Branches in Belmont, Cottesloe, Kalamunda, Kelmscott, Maddington, Midland, South Perth and Wanneroo sold for more than $1 million each, with Claremont drawing the highest bid of $2.39 million. Total sales for the day reached $15.25 million, adding to the combined $4.5 million for six CBA properties sold in South Australia in the same week. In another portfolio auction, WA-based Chicken Treat put seven of its 70 outlets up for sale on 12-year leasebacks through Jones Lang Wooten. Five out of seven went for a combined $3 million, with a South Perth property attracting the highest price of $870,000, reflecting a yield of 8.2 per cent.

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