Adaptive reuse potential for former bank on edge of the Blue Mountains
Standing grandly in Lithgow, a historic mining town on the edge of the Blue Mountains, a beautifully preserved bank teller counter and two original safes are among some of the unique features of this iconic heritage-listed former bank poised for adaptive reuse potential.
In a valley known for its coal seams, Lithgow continues to attract Sydneysiders sick of the hustle and bustle. It’s a place where you can still pick up a home for around $600,000 and get on a train back to the city for work. It’s two hours north-west of Sydney or an hour from the major commercial hub of Penrith.
Banks were built in a style to project strength and trust, and this one is no exception, commanding a striking presence with its white and maroon colouring across three storeys in a Victorian-Italianate architectural style along the town’s main drag at 156 Main Street, Lithgow.
The 1230-square-metre site was most recently home to a National Australia Bank (NAB) branch for 43 years until April last year, when it controversially closed and removed the ATM.
The grand old dame started out as a branch of the Commercial Bank of Sydney, designed in 1883 by the Mansfield Brothers, and signifies “the wealth and optimism of banking institutions in the mid to late Victorian era,” according to a heritage statement.
It boasts an “architectural quality uncommon in the commercial centre of Lithgow,” and contributes significantly to the streetscape of the town centre.
Main Street is undergoing a $1.5 million state government and council revitalisation project to improve its aesthetics and safety, with plans to showcase the town as a destination.
The new-look streetscape is gearing up to accommodate outdoor dining and includes new footpaths, safety balustrades, street furniture, and planter boxes brimming with colour to soften the landscape.
The privately owned former bank is now listed for $1.65 million plus GST through Cabmon Property director Peter Seeto in partnership with LJ Hooker Lithgow principal Jamie Giokaris.
“The former National Australia Bank is a great opportunity for a brand looking to establish in Lithgow, whether you’re a professional service or hospitality business,” Seeto says. “The property offers space and credibility with its beautiful architecture of yesteryear and prominence with its main street corner location.
“It’s on a significant block of land, with great frontage and access, significant rear land development potential, and a carpark a short walk from the train station for easy commuting to Sydney.
“It’s kind of an island site, because you can access it by the side lane, and also there’s a pedestrian footpath down the side of the building to the rear.”
The bank building has a 396-square-metre floor area. Refurbished in 1990, the original architecture features include soaring, ornate plaster ceilings and timber finishes.
A multipurpose space on the ground floor, storage on the lower-ground floor, and a two-bedroom apartment upstairs bring a unique quality to this investment in a town where short-stay accommodation is in demand.
The apartment is ideal for owner-occupiers, managers, or tenants with private access, and is currently leased fully furnished for $400 per week.
Initially offered to the market a year ago for $2.2 million, the vendors – a private couple who call the Blue Mountains home – recently dropped the asking price.
The pair has owned the property for almost two decades, after snapping it up as a clever set-and-forget commercial investment for $375,000 in 1998.
“It’s been a fantastic investment … it’s more than paid itself off,” Seeto says. “That’s why it’s a good idea to invest in commercial real estate.”
Perfectly positioned to be reborn as a hospitality venue or function centre due to its street prominence, the adaptable floor plate also lends itself to reinvention as a retail shop, cafe, art gallery, hotel, wellness centre, medical rooms or offices.
“You can pretty much do whatever you want with multiple entry and exit points onto Main Street,” Seeto says. “The two-bedroom unit is a great value-add opportunity, too.”
While the bank’s fit-out is beautifully preserved, it also needs to be removed to create a new vibe, Seeto adds.
Lithgow, once a coal mining and steel-making centre, is reinventing itself as a forward-thinking energy producer.
Seeto says Sydneysiders in particular are buying up farmland, lured by some major local work opportunities, including the repurposing of the decommissioned Wallerawang Power Station, and the Lake Lyell Pumped Hydro Project.
“There’s a lot of need for short-stay accommodation in Lithgow, particularly for contractors who are coming in and working on these projects Monday to Friday,” Seeto adds.
“Slowly but surely, the Sydney swell is pushing Lithgow up again.”
Lithgow was one of the first towns in Australia to industrialise, with a coal mining and steel-making boom in the 1860s. With a history steeped in ironworks, power generation, small arms manufacturing, and rail, it’s also famous for the invention of the Zig Zag railway to cross the Blue Mountains.
The railway was created to overcome the steep gradients of the mountains, an engineering innovation that became world-renowned. Since reopening after years of restoration following bushfire damage and safety concerns, it’s the town’s most famous tourist attraction, with trains running through dramatic sandstone viaducts, tunnels, and forested escarpments.
Visitors are also drawn to the Lithgow Small Arms Factory Museum, a Glow Worm Tunnel, and easy access to the Jenolan Caves in the Blue Mountains.
Lithgow’s European settlement dates back to 1842 when the first land grants were granted for Eskbank Estate, and has now expanded with the convenience of schools, TAFE, a hospital, and a mix of local and national retailers.
It is also known for its annual festivals, such as Ironfest and Lithgow Halloween.
