House of the week: Bendigo Bank, 38 St John St, Launceston

Property of the Week

Where: 38 St John St, Launceston

Price: Offers over $2.2 million

Ph: Joel Harwood 0448 820 820

Constructed in 1866 for the Union Bank of Australia, 38 St John Street is an absolute gem of a building in the heart of Launceston’s central business district.

Representing a strategic generational acquisition for the astute commercial buyer this building has stood the test of time and will continue to do so for a long time to come.

Widely recognised as Launceston’s finest example of the early colonial architecture with striking heritage styles and classic ornate features that include Doric columns and stuccoed brick, the property has been extensively refurbished throughout in recent years to present in immaculate condition today. 

As an investment 38 St John Street ranks as a quality blue chip offering, having a prime CBD corner address, impeccable presentation, strong letting history and a solid tenant profile.

ASX listed Bendigo Bank/Adelaide Bank Ltd is the anchor tenant leasing the ground and mezzanine levels, home to Bendigo Bank’s main northern Tasmanian branch.

The stables and coach house to the rear have been sympathetically restored, with Australian Education Union and Tiny Yoga Space leasing these spaces.

Secure lease covenants, longer term stability of tenures and a rental income net of outgoings approaching $137,000 p.a. underpin this investment.

The Bendigo Bank property is offered for sale by private treaty  and expressions of interest and offers of more than $2.2m will be considered.