Historic Abbotsford bank owners to cash in on development demand
A 130-year-old former National Bank looks set to become the latest Abbotsford building to capture the attention of developers.
The heritage-listed property, which was built in 1887 at 261 Victoria St, is on the market with price expectations of more than $3 million, with its potential for development at the forefront of marketing.
The two-level building sits on a 616sqm site and has a substantial plot of land at the rear, which Teska Carson director Michael Taylor says will hold significant appeal.
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“The property presents as a great opportunity to capitalise on the very strong demand for new development in Abbotsford,” Taylor says.
A substantial block of vacant land at the rear of the Abbotsford property is a major selling point.
“This would potentially involve subdividing the land and developing the rear hardstand component whilst perhaps retaining and/or expanding on current uses over what is a very attractive and presentable commercial building on Victoria St.”
“There are a number of options for a variety of uses to owner-occupiers, investors and developers but there is no doubt that there is great potential for maximising land use in a very popular fringe suburb.”
The former bank includes multiple partitioned office spaces over two levels.
Abbotsford is undergoing a rapid transformation and gentrification, with older buildings high on investors’ shopping lists and selling at a premium.
In early September the nearby 153-year-old Park Hotel sold to a local buyer for $3.18 million – nearly $1 million above its reserve price.
The Abbotsford site is close to trams, trains and Punt Rd.
Fellow Teska Carson agent Fergus Evans says the building has been maintained and refurbished over the years, and both levels include a number of partitioned offices that could be adapted for various uses.
The property will be auctioned on-site on November 16 and is to be sold with vacant possession.
