Country’s largest member-owned bank profits from ex-HQ sale
EXCLUSIVE
Teachers Mutual Bank, for decades known as the Teachers Credit Union, has sold its former national headquarters, in Sydney.
The country’s largest member-owned bank is banking $5.9 million from 8-10 Pitt Street, Parramatta.
It paid $2.75m in late 2012.
That seller was another mutual association, the CBHS Health Fund, for the Commonwealth Bank Health Society.
Parramatta, considered Sydney’s second city, is 23 kilometres from the CBD.
TMB sticks to the west
Over three levels, 8-10 Pitt St contains 950 square metres of A-grade space, and 12 car parks (story continues below).
The 505 sqm block, zoned Mixed Use 1, could accommodate a taller building – possibly seven storeys (20 metres).
“The area is to benefit from future developments within Parramatta CBD as it transforms into Sydney’s Central River City,” CBRE’s Lord Darkoh, who represented Teachers Mutual Bank with Raymond Ahsan, said.
It is also a short distance to Parramatta Aquatic Centre, CommBank Stadium Parramatta, Parramatta Westfields and Parramatta renowned Eat St precinct, he added.
Formed in 1966, Teachers Mutual Bank represents 230,000 members with $10 billion in assets.
A decade ago it merged with the University Credit Society Limited and Fire Brigades Employees Credit.
The group relocated to Homebush – 10km from Parramatta, closer to the city.
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