Historic Geelong bank with 10m-high chamber seeks new owner

The former Bank of Australasia building, later the ANZ Bank, building at 2 Malop St, Geelong, has been listed for sale.

Geelong’s landmark Bank of Australasia building is up for sale.

The 1859 sandstone building was covered in its cream brick facade in the 1950s, but it’s not until stepping inside that influence of Victoria’s gold rush on the architecture becomes clear.

The dramatic 10m-high banking chamber is the key feature inside this building, with modelled plasterwork, a grand glass atrium-style ceiling and carved cedar fittings created a rare, intact attraction.

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The banking chamber is an original feature along with a separate gold room that once provided access to secret tunnels that ran beneath central Geelong, plus salubrious accommodation for the bank manager upstairs.

A remarkable self-supporting spiral staircase with stained glass is another example of the level of architectural detail seldom found in the region’s commercial property market.

The landmark, and its adjoining building at 21a Gheringhap St, has been listed for sale via an expressions of interest campaign with Colliers Geelong agents Ned Tansey, Jonathon Lumsden and Ben Young.

The 10m high banking chamber features modelled plasterwork and a glass atrium-style ceiling.

Carved cedar fittings also feature in the 10m high banking chamber.

With price expectations around $5m, offers close March 2.

“The asset’s scale, history and presence makes it one of the most compelling opportunities currently available in regional Victoria,” Mr Tansey said.

“This is an exceptionally rare property, both in its physical grandeur and in its landholding.

“Buildings of this vintage and significance rarely come to the market in the Geelong CBD.

“It’s architectural detail, multiple income streams and future adaptability create a unique opportunity for owner-occupiers, investors or groups looking for a flagship regional presence.”

Mr Tansey said potential buyers would likely trade on the property’s landmark scale.

The grand, self-supporting staircase is another architectural feature inside the building.

A glass lift is fitted within the building to provide access to each floor.

“There might be some investors out there that want to try and lease out the remainder of the building to improve the income, or there’s just space for owner occupiers to move in and sit in a pretty central location,” Mr Tansey said.

“Because it is so unique – and the location and sheer size of it – it will definitely appeal to people locally and in Melbourne. Probably those professional services where they need access to the law courts or the train station.

“The roof is very impressive, it’s one of a kind in Geelong. The heritage inside is pretty amazing as far as an office goes.”

The first-floor board room is one of the office spaces available in the landmark building overlooking Johnstone Park and City Hall. 2 Malop St, Geelong

Mr Tansey said an architect occupies two floors, while smaller tenants occupy the rear building, which had previously been used as a medical clinic.”

The prominent corner building is opposite Johnstone Park and close to the CBD precinct containing headquarters for WorkSafe, NDIA, TAC and City of Greater Geelong, and Deakin University’s waterfront campus.

Mr Lumsden said the pocket of the CBD is undergoing rapid growth, with strong demand from professional services, medical users and creative operators.

“The site’s activity centre zoning, heritage character and flexible internal layout, gives incoming purchasers the ability to reposition the asset to suit their needs,” he said.