Former bank building in Melbourne's Carlton listed with $2.5 million hopes

The original Melbourne Savings Bank office in Carlton has been listed for auction with expectations of more than $2.5 million.

The building at 208 Elgin Street has come to market at a time office rates in Melbourne CBD are reaching record heights, in some instances pushing $12,000 per sqm, according to Colliers International, which is marketing the property.

It will be auctioned on October 6.

The 298 sqm property has triple frontage to the intersection of Lygon and Elgin streets.

The two-storey freehold includes the bank’s original safe and has a net lettable area of about 400 sqm, comprising nine offices or residential spaces with double-height ceilings and modern appliances. 

The listing agents are Oliver Hay, Daniel Wolman and David Sia.

“The short-term holding income provides flexibility for investors, owner-occupiers or value-add players, and the commercial use enhances the asset’s versatility,” Hay said.

Wolman added that its location, close to the University of Melbourne, was a key selling point.

“With Carlton office space starting at about $8,000 per square metre on building rates, buyers are seeing significant value for money in what is a highly convenient, lifestyle-driven suburb with extensive CBD synergies,” Hay added.

“At a more affordable rate, purchasers can make the move to Carlton, literally metres from the CBD, and invest in significant parcels of land among Melbourne’s best education institutions and amenity.”