Does Landmark Geelong building have apartments in its future?

A formerly grand old bank building could become the latest city landmark to undergo an apartment-driven conversion after going on the market.

The three-storey building at 130 Moorabool St, Geelong, was home to the Commercial Bank of Australia from 1925 until the 1980s.

The property, which has a heritage listing in relation to its external paint scheme, is set to be auctioned. Price hopes are above $1.7 million, Gartland Property, Geelong agent Michael De Stefano says.

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De Stefano says the building’s history as a once grand bank branch could help buyers convert the office accommodation and retail spaces.

“It’s a good opportunity because you could double front that building onto the laneway in Shorts Place, which is opposite the Eureka building,” he says.

Large light wells draw natural light into the middle of the three-storey building.

“You can see a fair bit of work going in to Shorts Place, in terms of new offices and hospitality operators moving into that precinct.

“And up above it’s a really deceptive building in terms of the amount of space that’s available in the whole building — so it would make great offices or apartments.

“What’s highlighted is it’s got these two light wells that run through the centre of the building, creating spaces throughout the building with natural light.”

The rear facade at 130 Moorabool St fronts Shorts Place, in Geelong’s West End precinct.

According to a Victorian Heritage Council citation, the Neo-Grecian-style building was erected in 1925 and operated continuously as a bank.

The Commercial Bank of Australia operated independently until the 1980s, when it merged with the Bank of New South Wales to become Westpac. The Bank of Melbourne was the last institution to operate from the address.

A 1961 photo of the neighbouring Lloyds Corner building shows the Commercial Bank signage on the side of the building.

A 1960s image of the Lloyds Corner building shows the Commercial Bank of Australia sign at 130 Moorabool St, Geelong.

Work is currently underway to remove the modern late 20th century awning from front of the building.

Images show the interior is in a state of disrepair, but De Stefano says some of the early features of the bank, including terrazzo floors, remained intact.

“In its heyday it would have been quite a beautiful building,” he says.

The view from the rooftop at 130 Moorabool St, Geelong, overlooks Lt Malop St mall.

“It needs quite a bit of TLC going forward. It would be one of the best buildings in Moorabool St once it was jazzed up.

“It’s a building that does require work. It’s really for those that will see the potential.

“There rooftop opportunities there as well and it backs onto the most happening part of the CBD, so it’s a real opportunity to create something special there.”

The property was last traded in 1999, selling for $410,000.

This article from the Geelong Advertiser originally appeared as “Buyers could bank on conversion of landmark Geelong building”.