Strike gold: Versatile former bank for sale offers wealth of opportunities

A 159-year-old bank in a gold rush town has hit the market, and its flexible setup allows multiple potential income streams.

The former Union Bank at 22 Fraser Street, Clunes has been listed for sale for $1.5 million, with the versatile property offering plenty of potential as a home, office, workspace or even a function centre.

Built at the height of the gold rush, the landmark building sits among one of regional Victoria’s best-preserved period streetscapes, with the main drag of Clunes lined with buildings harking back to the town’s golden era.

The former Union Bank, and later ANZ Bank in Clunes has been converted to a versatile home and is on the market for $1.5 million. Picture: realcommercial.com.au/buy

The 1031sqm property includes two separate buildings: the original bank and a separate freestanding building that was a later addition and has been used as an artist’s studio and exhibition space.

While the bank is currently configured as a four-bedroom, two-bathroom home, the front room has the potential to be used as an office or commercial space.

The property includes a bonus studio in the backyard, which has been used as a function space. Picture: realcommercial.com.au/buy

Plenty of period features can be found throughout the building, including open fireplaces, ornate ceiling roses and a country-style kitchen that has been upgraded for modern living.

The bank even retains its original vault, which would have kept local gold miner’s deposits safe more than 150 years ago.

The former bank’s vault remains in place. Picture: realcommercial.com.au/buy

The studio, which sits back from the street, was designed by renowned Australian architect Daryl Jackson, who originally hailed from Clunes.

Its 18m long function room has been used as an exhibition space for artists, but could just as easily work as a pilates studio or community hall.

The property has been used as a short-term rental for large groups for the past few years. Picture: realcommercial.com.au/buy

Selling agent Tash Martin of PRD Ballarat, who is handling the listing with Michael Edgar said the flexible property had most recently been offered as short-term accommodation for groups, with the studio used for art classes.

“You could certainly live there and work,” she said. “You could have a shop in the front and live out the back, and then you’ve also got the function space that you could hire out as well.”

The converted home fuses period charm with modern conveniences. Picture: realcommercial.com.au/buy

Ms Martin said banks in the area didn’t often hit the market, but usually received a good response.

“I’ve sold a few over the years,” she said. “They are a little bit rare, especially when they have the old vault in there as well.”

The separate studio was designed by prominent Australian architect and Clunes local Daryl Jackson. Picture: realcommercial.com.au/buy

The influx of wealth generated by the Victorian gold rush of mid-19th century is still evident in the period architecture of towns across the goldfields region including Ballarat, Castlemaine, Creswick and Maldon.

Ms Martin said period properties in the area tended to appeal to buyers drawn to historic streetscapes of goldfields towns.

The 18m long space has hosted events as part of Clunes Booktown Festival, as well as art exhibitions. Picture: realcommercial.com.au/buy

“It’s usually a Melbourne buyer that snaps them up,” she said.

Meanwhile, another former bank in Talbot, about 18km north of Clunes, is on the market for $1.495 million.

A landholding in Talbot, Victoria comprising a former pub and bank, both of which have been converted to homes, is on the market in Talbot, Victoria for $1.495 million. Picture: realestate.com.au/buy

The 1475sqm property at 37 Scandinavian Crescent consists of the 1869-built Bank of Australasia building, which connects to the former Phoenix Hotel next door. 

Both have been converted to homes, with the bank offered as a short-term rental.

In Ballarat, a former pub and grocery store dating back to 1869 has been listed for sale for $1.3 million.

Once known as Price’s Groceries, this c1869 building in Ballarat is on the market for $1.3 million. Picture: realestate.com.au/buy

The building has been converted into two separate two-bedroom apartments and a retail space on the ground floor, and includes one of the last remaining murals of beer mascot ‘Ballarat Bertie’.