While I think Westpac Banking Corp (ASX: WBC) and the rest of the big four banks would be great options for income investors, not everyone is a fan of them right now.
For those investors I think the dividend shares listed below would be great alternatives. Here's why I would buy them when the market reopens:
BWP Trust (ASX: BWP)
The first ASX dividend share to consider is BWP. I believe the real estate investment trust can deliver consistent income and distribution growth for the foreseeable future thanks to its high quality commercial assets and blue chip tenant. BWP's warehouses are predominantly leased to home improvement giant, Bunnings Warehouse. Given how Bunnings is one of the best retailers in the country and government stimulus is supporting the home improvement market, I believe the risk of store closures and rental defaults during the pandemic is extremely low. At present I estimate that its units offer a forward 4.7% yield.
Lendlease Group (ASX: LLC)
Another dividend share to consider buying is Lendlease. Although the international property and infrastructure company has had a very disappointing 12 months, I believe the worst is behind the company now. Furthermore, I feel all the bad news is now built into the Lendlease share price and it could be onwards and upwards from here. Especially given its burgeoning global development pipeline, which appears to have positioned the company for solid earnings growth over the 2020s. I estimate that Lendlease will pay a 57 cents per share dividend next year. This equates to a 5% dividend yield.
Transurban Group (ASX: TCL)
A final dividend share to consider buying is Transurban. Its toll roads were virtually empty at the height of the pandemic, but with restrictions easing, traffic volumes have been recovering and toll revenues are improving. And while the situation in Melbourne could stifle its recovery if it escalates from here, I'm confident that traffic levels will return to relatively normal levels next year. In light of this, I'm optimistic it will be in a position to pay shareholders a 49 cents per unit distribution next year. Based on the current Transurban share price, this equates to a 3.6% distribution yield.
