The Eastern States investor appetite for WA property has extended to the purchase of the Bunbury post office, which recently sold for $3.1 million. The two-storey building at 153-155 Victoria Street has a 1827sqm net lettable area on a 1788sqm plot of land. It has a rental income of $225,000 per year. Ray White agent Michael Milne said the Australian Postal Commission sold the property to a Sydney-based buyer who was an investor and a developer. “This iconic GPO building is positioned in the heart of the Bunbury CBD and was sold with blue-chip lease covenants to Australia Post, Telstra and QBE,” Mr Milne said. “The favourable zoning of (the) Regional Centre provides the potential for future higher density redevelopment up to nine storeys. “Strong potential exists to upgrade and reposition this asset in the future to further increase the income stream.” Co-seller Mick Caddy, senior commercial manager at Elders in Bunbury, said the buyer had “identified value in the West Australian commercial property market”. “The rents are likely to have reversionary market upside when market review opportunities present,” Mr Caddy said.