$2m sale: Barwon Heads community bank and post office stay in local hands

The value of keeping things in the community wasn’t lost on a local investor who jumped at the chance to buy Barwon Heads’ Bendigo Bank branch building.

The buyer paid $2.05 million for the purpose-built premises with an ongoing lease to the town’s community bank branch and its post office.

RT Edgar, Barwon Heads agent Peter Molloy says the secure tenants and the prime position of the seven-year-old premises at 70 Hitchcock Ave  attracted high levels of inquiry during the expressions of interest campaign.

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“It was a local buyer who is very, very supportive of the community,” Molloy says.

The commercial building at 70 Hitchcock Ave, Barwon Heads has recently changed hands.

“They saw it as a good opportunity to invest … it was keeping it in the town because there was widespread interest.”

He said the bank — which was opened in 2012 after years of community campaigning — and the post office offered a valuable service and were meeting places for Barwon Heads residents.

“It has become a real hub for a lot people from the community, they come in to pay their bills” he says.

The commercial building at 70 Hitchcock Ave, Barwon Heads has recently changed hands.

“It’s ideal for parking and it’s got a lot of people coming through.”

The 215sqm single level building with four off-street car spaces has a five-year lease in place with options until 2027.

It brings in $98,000, plus GST, in rent a year with 3% annual increases and significant depreciation benefits.

Moves to establish a community bank in Barwon Heads began in 2009 with local shareholders contributing more than $800,000 to get the branch off the ground.

This article from The Geelong Advertiser originally appeared as “Building leased to Barwon Heads community bank and post office sells for $2.05m”.