The former Commonwealth Bank at 1 The Centreway, Lara, sold under the hammer.
Lara’s former Commonwealth Bank branch has been snapped up at auction as investors seized their chance to break into a tightly held retail strip.
A local buyer paid $976,000 for the prime corner property at 1 The Centreway after outbidding two other parties.
The two-storey building has sat empty since the bank shut its Lara and Belmont branches in June.
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Fitzroys, Melbourne agent Lewis Waddell said vacant properties were typically more challenging to sell.
But he said the depth of competition at the “action-packed auction” highlighted the scarcity of freehold opportunities in the thriving Lara Village where vacant rates have been historically low.
“Not a lot has sold in the last few years so that was an attraction and just the fact there’s not much vacant there at all,” Mr Waddell said.
“There weren’t any empty shops and this one was a nice prominent corner.
“There were some people in the village that were looking at it. The buyer was just a local investor that’s going to lease it out. He’s not too sure what the use is going to be but is probably thinking professional services or retail.”
The 193sq m site has multiple street frontages and is surrounded by a mix of major national retailers, including Coles and Woolworths, cafes, speciality shops and a pharmacy.
It sits directly opposite a large Woolworths carpark.
The Commonwealth Bank has form when it comes to achieving top dollar for its assets in Geelong.
It offloaded its former Highton branch in Barrabool Rd for $3.35m at a hotly contested online auction in 2021.
That followed the $1.46m sale of its old East Geelong branch in Garden St in 2019, a result which landed $360,000 above reserve.
The bank this week announced it was extending its moratorium on regional branch closures until at least December 2023.
It said it also was investing $140m in branch upgrades across the country, including a $6m in Geelong.
Retail banking services group executive Angus Sullivan said early results from upgraded branches showed improved wait times.
“That means investing in popular, well-located branches with the space, technology and specialist capability to support more customers and offer a superior level of service,” Mr Sullivan said.