Former Geelong Commonwealth Bank could be worth a pretty penny

The former Commonwealth Bank branch in East Geelong sold for $1.46 million.
The former Commonwealth Bank branch in East Geelong sold for $1.46 million.

Real estate agents hope for a high rate of interest in the Commonwealth Bank’s former East Geelong branch when it’s auctioned next month.

The bank shut the Garden St branch in March and it’s now scheduled to be auctioned on August 8 with price hopes of more than $1 million.

Colliers International, Geelong agents Ben Young and Sam Neale are handling inquiry for the property at 76 Garden St with conjunctional agents Jordan Ceppi and Lewis Waddell of Melbourne agents, Fitzroys.

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The 250sqm building occupies a 428sqm land parcel that offers significant upside to buyers.

“It’s a great light tightly-held location which will be a highly sought after,” Young says.

“It’s a very popular spot. It’s right next door to the newsagency and Australia Post, which is going to draw any operator or tenants, depending which way it goes, to the site.”

While the campaign is early days, Young says there has been some good local and Melbourne interest.

The former Commonwealth Bank branch in East Geelong will be auctioned in August. 76 Garden St, East Geelong.

“We’re expecting it to be quite well received in the market, whether it’s an owner occupier or an investor who is looking to buy it to add value, or as a straight lease.

“Inquiry has been quite strong, which is good.”

Young says it is a flexible property that offers many opportunities.

“We see occupiers being either retail, an office user or serviced office provider like an accountant, a solicitor or a real estate agent or potentially being converted into medical or allied health.”

The Commercial 1 zoned property is being offered with vacant possession and includes an on-site staff car park at the rear.

The Commonwealth closed the branch in March, blaming a 41% drop in transactions over the past five years.

A Commonwealth ATM has been retained at the site, while the Australia Post outlet in the newsagency has started promoting the range of banking services, including withdrawals, deposits and bill payments available at the post office.

This article from the Geelong Advertiser originally appeared as “Closed East Geelong bank branch set to earn big bucks at auction”.