The former Bank of Australasia building, later the ANZ Bank, building at 2 Malop St, Geelong, has been listed for sale.
The grand 10-metre-high banking chamber inside this landmark building offers a wow factor that’s unrivalled in Geelong.
The former Bank of Australasia building was a stunning example of gold rush banking architecture when it was built from Barrabool sandstone in 1859.
The stone building is still there, but has been hidden since 1956 when the cream brick facade was installed, covering a crumbling stonework of what became the ANZ.
The building at 2 Malop St has a new owner, after Colliers Geelong agents Ned Tansey, Jonathon Lumsden and Ben Young concluded the sale of the landmark and its adjoining extension at 21a Gheringhap St.
Mr Tansey said a Melbourne investor has bought the corner 889sq m landholding, which offers 2131sq m floor area that’s been under-utilised since an accountancy group bought it nearly 30 years ago for just $575,000.
Records show the property has sold for $4.1m.
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The glass ceiling is an original feature of the circa 1860 building.
Cedar panelling and ornate plasterwork characterise the grand banking chamber.
It’s the most expensive commercial sale in central Geelong this year.
The property had been listed with $5m expectations, having previously been listed in 2022 with $8m hopes.
The building’s 10-metre high former banking chamber has a glazed atrium ceiling, richly modelled cornices and plaster work and carved cedar fittings is an intact original feature.
An ornate self-supporting spiral staircase with stained glass is another gold rush era vestige, while a separate former gold room once connected to secret tunnels that ran beneath Geelong.
The timber panelled foyer contrasts the glass lift connecting the floors at the Malop St entrance to the building.
Grand pillars frame the self-supporting staircase connecting the three floors.
The building also once offered salubrious upstairs accommodation for the bank manager.
Mr Tansey said the buyers were impressed with the heritage aspect to the property, and would look to maximise the lettable space to increase its returns.
The Gheringhap St annex was recently leased to a medical centre.
“They obviously saw the appeal. With the upside, potentially they’ll make some upgrades for the rear building there,” Mr Tansey said.
“You walk in and see the height of the internal ceiling, and it’s like, ‘wow, this is pretty impressive. Hopefully, they’ll do it justice,” he said.
Mr Tansey said there was an opportunity to secure multiple tenants for the original building, while a separate Gheringhap St annex offered further medical, allied health, office or retail potential.