It has 10 office spaces, two storeys and an Italian palazzo-inspired architectural design.
Set on Murray Street, the former Colac branch of the State Bank of Victoria has hit the market with a price guide of $1.35 million to $1.45 million.
The history: At its peak, the State Bank served customers from more than 500 branches across Victoria.
First called the Savings Bank of Port Phillip, the bank was a government-controlled operation first opened in 1842.
In 1912, legislation was passed that reconstituted the bank as the State Savings Bank of Victoria.
In 1980, “Savings” was dropped from the name entirely as the financial institution became known as the State Bank of Victoria.
A poster from the State Bank. Image: Public Record Office Victoria
Crash: The State Bank of Victoria collapsed under the weight of reckless lending in the 1980s, particularly by its business-lending arm, Tricontinental.
When the Reserve Bank lifted interest rates in 1989, the deep recession that followed put pressure on institutions exposed to the property market.
A 1989 report in the Canberra Times said State Bank had acquired the troubled Australian Bank in January that year, which added pressure during the interest rate hikes a few months later.
Tricontinental eventually collapsed with losses of $1.5 billion, threatening the State Bank’s existence and forcing its sale to the Commonwealth Bank for $2 billion.
An ad from the State Bank. Image: Public Record Office Victoria
Heritage rules: The building is covered by a heritage overlay in Colac Otway Shire. Generally, a planning permit is required to demolish it or alter its exterior, but routine repairs that don’t change its appearance don’t need one.
Repainting and internal changes need a permit only if the overlay’s schedule specifies those controls.
The design: The building’s ground floor is finished to look like large stone blocks, with wedge-shaped stones arching over the openings.
The plain upper floor is broken up by windows framed like miniature temple fronts, with columns on each side and a triangular top. The design mirrors Italian Renaissance palaces, which typically paired a rugged-looking ground floor with a more decorated level above.
Header image: Richardson Real Estate