Commonwealth Bank cleans up with massive price in Highton
Commonwealth Bank has sold its former branch at 73 Barrabool Rd, Highton.
Shareholders should give a reward to the person who selected the locations for the Commonwealth Bank’s branches in Geelong.
The bank offloaded its former Highton branch at an online auction that netted a massive $3.35 million for the Barrabool Rd property.
The transaction had blown selling agents and the bank’s price estimates out of the water as owner-occupiers and investors competed for absolute prime real estate at the Highton Village shopping centre.
Commonwealth Bank has sold its former branch at 73 Barrabool Rd, Highton.
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The Commonwealth has form when it comes to achieving top dollar for its assets in Geelong.
The last time the Commonwealth put one of its old branches on the market was at Garden St, East Geelong in 2019, when the opportunity also proved a hot one, selling for $1.46 million, and earning a $360,000 premium.
Colliers Geelong agent Ben Young said the result was significantly above the reserve price set for the 211sq m property.
Commonwealth Bank has sold its former branch at 73 Barrabool Rd, Highton.
The multi-level 206sq m solid brick retail building has an envious amount of display space at the front entrance to the popular shopping spot.
Mr Young said he couldn’t reveal the identity of the buyer.
“It’s a local owner occupier that’s bought the building,” he said.
Mr Young said three bidders contested the auction, all from Geelong, after bidding opened at $1.65 million.
He said some Melbourne parties watched the auction online.
Commonwealth Bank has sold its former branch at 73 Barrabool Rd, Highton.
“The interest wasn’t just from business in that area, but right across Geelong.
“It has outstanding exposure and signage opportunities and it’s so tightly held that pocket,” he said.
Colliers agent Andrew Lewis said earlier in October he was confident the price guide of above $1.5 million would be eclipsed come auction day.
The last property to sell publicly was the anchor Woolworths supermarket freehold in 2017.
Neighbours in the thriving local shopping centre include major retailers such as Woolworths, Bakers Delight, Amcal, Bendigo Bank and Cellarbrations.
Commonwealth Bank has sold its former branch at 73 Barrabool Rd, Highton.
Commonwealth Bank closed its branch during the first pandemic lockdown in 2020, locking in its departure from Barrabool Rd in July when it officially closed for good, citing a decline in over the counter transactions in the past five years.
CommBank’s departure from leaves the Bendigo as the only bank maintaining a presence at Highton Village, while centre’s licensed post office can handle withdrawals, deposits and bill payments through Bank@Post.
