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The historic old State Savings Bank at 48 Sturt Street is back on the market after being auctioned off last year. The currently vacant 1872 building, on the corner of Camp Street, blind-sold for around $2.1 million in June 2021, and less than a year later, is for sale or rent through Colliers International. READ MORE: Managing director Andrew Lewis says the characterful building, which has been refurbished internally but retains its classic facade and bluestone cellar, had received offers from interested parties so the owners decided to check their options. “Essentially it was auctioned off for about $2.1 million, it was advertised for lease, and considering we haven’t found a tenant yet, we’ve had offers of 2, $5 million,” he said. “The sellers said if we got $2.8m we would be interested – we’ve had some interest from buyers, but not yet at that level. Rather than sitting idly by , they could sell it and make a profit and happy days, or rent it out and keep it.” FROM JANUARY: REIV house price figures show Ballarat and regional Victorian housing are still booming with no signs of slowing More broadly in Ballarat, Mr Lewis said as office and commercial sales had been extremely high As the pandemic recedes, office leases have been noticeably slow compared to Geelong. “It hasn’t started here in Ballarat yet, maybe it will start after the election,” he said. few vacant units, but they all have tenants looking at them – there is not a lot of vacant space on Sturt Street, as many are rented or in the process of being rented. IN THE NEWS “Industrial sales are soaring, selling and land, and industrial leasing has slowed, the price people are willing to pay for land has risen dramatically, but the price they are willing to pay to rent hasn’t increased significantly.” It’s never a linear pattern, the reality is there’s a lot of money to buy right now, and that doesn’t necessarily mean that there’s an increase in tenants.” You can sign up below and make sure you’re up to date with everything that’s happening in Ballarat.
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The historic old State Savings Bank at 48 Sturt Street is back on the market after being auctioned off last year.
The currently vacant 1872 building, on the corner of Camp Street, blind-sold for around $2.1 million in June 2021, and less than a year later, is for sale or rent through Colliers International.
Chief executive Andrew Lewis said the characterful building, which has been refurbished internally but retains its classic facade and bluestone cellar, had received offers from interested parties. So the owners decided to check out their options.
“Essentially it was auctioned off for about $2.1 million, it was advertised for lease, and considering we haven’t found a tenant yet, we’ve had offers of 2, $5 million,” he said.
Colliers International Ballarat managing director Andrew Lewis auctioned off the Sturt Street office building last year. Photo: Lachlan Bence
“The sellers said if we got $2.8 million we would be interested – we’ve had some interest from buyers, but not yet at that level.
“Rather than sit on our hands idly, they could sell it and make a profit and happy days, or rent it out and keep it.”
More broadly in Ballarat, Mr Lewis said that while office and commercial sales had been extremely high as the pandemic receded, office leases had been noticeably slow compared to Geelong.
“It hasn’t started here in Ballarat yet, maybe it will start after the election,” he said.
“Retail leasing has been quite good, still a few vacancies, but they all have tenants looking at them – there’s not a lot of vacant space in Sturt Street, as a lot is let or being let.
“Industrial sales are collapsing, selling and land, and industrial leasing has slowed down, the price people are willing to pay for land has increased dramatically, but the price they are willing to pay for the rent has not increased significantly.
“It’s never a linear pattern, the reality is there’s a lot of money to buy right now, and that doesn’t necessarily mean there’s an increase in tenants.”
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