Banking on change: Australia’s former banks ready to be reimagined
In cities and towns across Australia, former bank buildings serve as reminders of the nation’s prestigious heritage with grand architectural designs that have stood the test of time. From granite facades and vintage vaults, these buildings tell tales of a time when money was counted by hand, long before the invention of internet banking and cryptocurrencies.
While these buildings may no longer serve as epicentres of wealth, they offer opportunity for investors to recreate them into something for today’s business, whether it’s character-filled cafes or spacious co-working hubs.
Here are five former banks currently on the market, each one banking on a new story to be written.
1. 528b Sydney Road, Brunswick
If you wander down Sydney Road in Brunswick, you’ll pass rows of cafes, record stores, and eateries. Among them is 528b Sydney Road, its brick face unassuming, but once having served as a bank vault.
The second floor is currently for lease, comprising 231 square metres with high ceilings and strong bones. It offers the opportunity to be reinvented into a creative studio, a showroom, or even a co-working space.
2. 116-118 Mollison Street, Kyneton
Head north of Melbourne to Kyneton, which is renowned for its Federation, Edwardian and Victorian architecture, and you’ll stumble across 116-118 Mollison Street, which was the former Bank of New South Wales, built in 1904 and is now for sale.
Currently operating as a boutique hotel, its flexible Commercial 1 Zoning allows for a number of alternative uses such as a gallery, restaurant, or medical practice.
3. 156 Main Street, Lithgow
In the Central Tablelands, Lithgow has built its reputation on mining and steel, but has quickly gained recognition for its beautiful setting, surrounded by mountains and heritage architecture.
No. 156 Main Street is the former National Australia Bank building that once dealt in cash and ledgers and now awaits a new buyer to create its next chapter. Spread across three levels, the property has 24 metres of street frontage and stunning original features, including ornate plaster ceilings, timber finishes and a preserved bank teller counter that pays homage to its past.
4. 89 Brisbane Street, Ipswich
On the cheaper side compared to central Brisbane, priced at nearly $800,000, 89 Brisbane Street in Ipswich is the former Queensland National Bank that was constructed in the late 19th century and renovated in the 1930s.
The corner location means it has high visibility, and the generous 405 square metre split-level building boasts decorative pilasters, a pedimented entry, and timber sash windows, giving it strong heritage charm.
It hasn’t only hosted a bank, but a retail space and recruitment service offices, demonstrating its ability to adapt to a new owner’s vision.
5. 7 Maria Street, Swansea
Built in 1912, 7 Maria Street was once the Commercial Bank of Australia. Now, the property is up for sale, priced at $850,000 (excluding GST).
The building was completed about 1912 and served the town of Swansea as the local bank until it was then used as a residence until the 1970s, then an antique shop, followed by a rug store. Currently, the building houses a popular restaurant and cafe, which locals and visitors enjoy frequenting.
