This Southern Highlands hotel was once a bank. Picture: Jonathan Ng
This is one bank you won’t need to rob to get inside the vault.
A rare Southern Highlands property used as a commercial bank for close to 80 years has hit the market after being converted into a residence and hotel.
The building on Main Rd in Mittagong has retained all the hallmarks of its former life as a bank – including the old vault and customer counter.
There is also a circa 170-year-old one tonne steel vault door but rather than keeping money safe it currently controls access to the hotel’s wine collection.
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The rare wine cellar converted from the old vault could also be used for other purposes.
The property is currently listed for sale with expectations of about $4.9m.
It’s a fair shot above the £2840 pounds the property was built for in 1892.
The property includes the old stables, which have been turned into accommodation.
The historic features have made the building a good fit as a hotel.
The building was understood to have been used a bank until the 1970s and fell into disrepair after. It was reportedly filled with pigeons by the time it transacted for $1m in 2008.
It was later converted into an inhabitable structure through a seven-year restoration project.
An entrance of cedar doors open to where the business counter used to be.
Stables and a convict-built coach house behind the bank were also repurposed and are currently used as accommodation.
The building was used as bank from 1892 through to the 1970s.
The house is listed with Richardson and Wrench-Southern Highlands agents Andrew Blaxland and Ian Cameron.
The agents revealed the former bank could have many potential uses such as a residence to work from home, a multi generational family Highlands getaway or a destination restaurant.
Other potential uses could be as an exclusive club, corporate headquarters, gallery, function centre or strata subdivision.
Victorian-era detailing is evident throughout.
The bank is listed with a $4.9m guide.
Details from the listing revealed: “the Old Bank is being offered well below replacement cost and is an incredible value opportunity”.
The property has over 500sqm of living space. The bathrooms have granite and marble tiles that were hand cut on site. There is also underfloor heating beneath the timber floors.
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