Former bank in Geelong CBD hits the market with $5m expectations
It doesn’t get more wow-factor than the interiors of this former Bank of Australasia building, dating back to 1860, in Geelong. Recently listed for sale, it offers investors and owner-occupiers a rare heritage commercial opportunity with multiple income streams.
The landmark property comprises two buildings, totalling approximately 2131 square metres, on a prominent 889-square-metre corner site with three street frontages stretching 84 metres across one of the city’s most high-traffic intersections.
Steeped in gold-rush history, the primary building features a dramatic 10-metre-high banking chamber, complete with glazed atrium ceilings, ornate plasterwork, carved cedar fittings, and a self-supporting spiral staircase with stained-glass windows.
Colliers senior executive Ned Tansey described the listing as one of the most significant commercial offerings in regional Victoria.
“The asset’s scale, history and presence makes it one of the most compelling opportunities currently available in regional Victoria,” Tansey said.
“Buildings of this vintage and significance very rarely come to the market in the Geelong CBD.”
The offering also includes an adjoining building at 21a Gheringhap Street, comprising a vacant ground-floor medical centre and office suites above.
Partly leased to three tenants and supported by six on-site car parks and lift access, the property provides holding income with longer-term refurbishment or adaptive reuse potential, subject to approval.
The site occupies a strategic position within Geelong’s evolving CBD, close to the train station, Deakin University, the Geelong Library and Performing Arts Centre, Westfield Geelong and the popular Little Malop Street hospitality precinct.
Colliers senior executive Jonathon Lumsden said the precinct was undergoing rapid growth, with strong demand from professional services, medical users and creative operators.
“The site’s Activity Centre zoning, combined with its heritage character and flexible internal layout, gives incoming purchasers the ability to reposition the asset to suit their needs,” Lumsden said.
The former bank is being offered for sale via expressions of interest, closing at 2pm on March 2, with a price expectation of around $5 million.
