Banking on a good business opportunity with sale of Terang Commonwealth Bank

A grand old dame of Terang’s streetscape is up for grabs with the sale of the town’s former Commonwealth Bank.

The building dates back to 1909 and has been a bank throughout its 100-year-odd history.

Business opportunity: Terang's former Commonwealth Bank in High Street is up for sale.

Business opportunity: Terang's former Commonwealth Bank in High Street is up for sale.

Falk and Co Real Estate’s Gary Attrill said the sale of the High Street building, which includes a retail space and five-bedroom residence, was coming at a time when Terang was experiencing steady growth in commercial properties.

“It’s picked up a bit,” he said.

“The streetscape improvements in the town have made a real difference. They look really good. There are definitely not as many empty shops now.”

Mr Attrill, who recently sold Terang’s Commercial Hotel, said confidence was growing in the town’s main street.

He said the former bank had been attracting interest from potential local and Melbourne buyers. An existing ATM will help sweeten the deal for a potential purchaser, bringing in about $5000 per year.

“It’s a nice old building,” Mr Attrill said. “These properties are unique old buildings and great projects.”

The former bank is for sale by expressions of interest closing May 9. The bank closed in June 2017 and was described as a “massive blow” for Terang.

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