Century-old Victor Harbor bank presents range of options
It has held pride of place in the heart of Victor Harbor for almost 100 years.
Now the landmark building at 45 Ocean St is on the market and offering prospective buyers an investment they can bank on.
The historic two-storey property was designed by South Australian architect C W Rutt and constructed by local builder Ray Milton for 4900 pounds (about $A9342 today) before opening as the Savings Bank of South Australia in 1928.
Old granite, which was quarried on West Island in the 1880s for another building, can still be seen in the bank’s foundations.
It was the Savings Bank of SA before becoming Bank SA. Pic: realcommercial.com.au
The bank’s old-world charm, with ornate columns and lattice windows, gives it striking character and commanding position at the corner of Ocean and Coral streets.
Selling agent Andrew Zammit, of Leedwell Property Adelaide, says the owners bought the building almost 20 years ago and it has been rented out for most of that time.
“The current owners purchased the property some years ago when it was sold by Bank SA,” he says.
It is on the market with a $2 million asking price. Pic: realcommercial.com.au
“They bought it as a long-term investment”.
Zammit says the property is suitable for a range of uses, including commercial, retail, tourism and hospitality, while the second level could be used for Airbnb.
“It was the type of building where the bank manager occupied space as well – upstairs was used as the manager’s residence,” he says.
“With the relevant approvals, the opportunities are many – from specialty shops, restaurants or cafes through to tourism accommodation and beyond.
It is a commanding landmark at the intersection of Ocean and Coral streets. Pic: realcommercial.com.au
“It represents a unique opportunity to purchase a building that is an architectural landmark with a rich history but, importantly, a wealth of potential for its future use.”
The 724sqm building, which is on a 521sqm block, is listed with a $2 million price tag.
This article from The Advertiser originally appeared as “Historic Victor Harbor bank offering buyers a lucrative investment”.
