Former bank site in Abbotsford listed with $3 million hopes

An Abbotsford site, currently home to a former National Bank building, has been listed with expectations of more than $3 million.

The 261 Victoria Street property comprises a 540 sqm Italianate palazzo style building over two levels on a Commercial 1 zoned site.

According to Teska Carson’s Michael Taylor, who is marketing the property with colleague Fergus Evans, the land at the rear of the building has potential for development.

“The property presents as a great opportunity to capitalise on the very strong demand for new development in Abbotsford. 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 Street.”

He said Abbotsford was undergoing gentrification in response to demand, particularly from the residential market, with a large number of new mixed-use developments completed in the immediate vicinity of the property.

The building has been maintained and refurbished over the years and comprises a number of partitioned offices that could easily be adapted to suit various uses.