The grand 10-metre-high banking chamber inside this landmark building offers a wow factor that’s unrivalled in Geelong.

The former Bank of Australasia building was a stunning example of gold rush banking architecture when it was built from Barrabool sandstone in 1859.

The stone building is still there, but has been hidden since 1956 when the cream brick facade was installed, covering a crumbling stonework of what became the ANZ.

The building at 2 Malop St has a new owner, after Colliers Geelong agents Ned Tansey, Jonathon Lumsden and Ben Young concluded the sale of the landmark and its adjoining extension at 21a Gheringhap St.

Mr Tansey said a Melbourne investor has bought the corner 889sq m landholding, which offers 2131sq m floor area that’s been under-utilised since an accountancy group bought it nearly 30 years ago for just $575,000.

Records show the property has sold for $4.1m.

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The glass ceiling is an original feature of the circa 1860 building.

Cedar panelling and ornate plasterwork characterise the grand banking chamber.

It’s the most expensive commercial sale in central Geelong this year.

The property had been listed with $5m expectations, having previously been listed in 2022 with $8m hopes.

The building’s 10-metre high former banking chamber has a glazed atrium ceiling, richly modelled cornices and plaster work and carved cedar fittings is an intact original feature.

An ornate self-supporting spiral staircase with stained glass is another gold rush era vestige, while a separate former gold room once connected to secret tunnels that ran beneath Geelong.

The timber panelled foyer contrasts the glass lift connecting the floors at the Malop St entrance to the building.

Grand pillars frame the self-supporting staircase connecting the three floors.

The building also once offered salubrious upstairs accommodation for the bank manager.

Mr Tansey said the buyers were impressed with the heritage aspect to the property, and would look to maximise the lettable space to increase its returns.

The Gheringhap St annex was recently leased to a medical centre.

“They obviously saw the appeal. With the upside, potentially they’ll make some upgrades for the rear building there,” Mr Tansey said.

“You walk in and see the height of the internal ceiling, and it’s like, ‘wow, this is pretty impressive. Hopefully, they’ll do it justice,” he said.

Mr Tansey said there was an opportunity to secure multiple tenants for the original building, while a separate Gheringhap St annex offered further medical, allied health, office or retail potential.

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A five-storey Melbourne CBD building earning almost $8000 a week is up for grabs for the same price as a suburban mansion.

The 410 Lonsdale St freehold, in Melbourne’s legal precinct, has a $7m guide, five tenants and more than $413,000 in annual passing income.

The property last changed hands in June 2023 for $6.854m, at a reported net passing yield of 2.8 per cent.

The latest guide puts the entire city building in the same price conversation as a prestige family home in some of Melbourne’s most expensive suburbs.
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But instead of a luxury residence, buyers would get about 978sq m of office and retail space across five levels on a 208sq m site, with frontages to Lonsdale St and Finlay Alley.

The building is moments from Melbourne Central Station, Town Hall Station, Bourke St Mall, Hardware Lane and the city’s court precinct.

Colliers investment services manager Christian Hatzis said the holding income, flexible floorplates and CBD location would appeal to a broad buyer pool.

“With strong holding income, flexible floorplates and genuine upside, this is an opportunity that will appeal to private investors, syndicators and long-term holders seeking exposure to a premium CBD location with proven demand,” Mr Hatzis said.

Colliers is pitching the property as one of only a handful of Melbourne CBD freeholds expected to be offered to the market in 2026.

The building, once known as ASEA House, survived a major 1934 fire before becoming part of Melbourne’s post-war industrial story. Picture: supplied

The asset is being marketed with potential upside through leasing, repositioning or a strata selldown.

Colliers investment services director Alex Browne said agents were seeing renewed confidence in well-located CBD assets with strong fundamentals and repositioning potential.

“The legal precinct remains one of the city’s most tightly held markets, with low vacancy, strong tenant demand and ongoing infrastructure investment supporting long-term value,” Mr Browne said.

But the building’s backstory gives it another layer beyond the financials.

The interwar survivor was built in 1923 for hardware merchant J S Kidd, which commissioned prominent Melbourne architects H W & F B Tompkins to design a five-storey warehouse on the site.

The 410 Lonsdale St freehold is being pitched with five tenants, five levels and a $7m guide in Melbourne’s legal precinct. Picture: Colliers

The firm was also behind major Myer buildings on Bourke and Lonsdale streets, giving the Lonsdale St freehold a link to one of Melbourne’s best-known retail dynasties.

The building’s early life took a dramatic turn in October 1934, when a major fire tore through the warehouse and caused an estimated £20,000 damage.

J S Kidd relocated to Carlton the following year, before the Lonsdale St building was sold to Richard R Thomas, chairman of electrical engineering and machinery merchant R & C Thomas.

The company held the sole Australian distribution rights for Swedish electrical company ASEA, and by 1938 the property had been renamed ASEA House.

The five-storey building later became a hub for heavy electrical equipment, including transformers and three-phase motors supplied to government and municipal customers.

The Melbourne CBD building has survived fire, changing tenants and more than a century of city transformation. Picture: Colliers

Its post-war life was captured by industrial photographer Wolfgang Sievers, whose 1958 Lonsdale St image showed the facade bearing the ASEA House signage.

The building is now protected under Melbourne’s Heritage Overlay, with its five-storey scale, upper facade, steel-framed windows, projecting pilasters, parapet and heavy dentilled cornice among the key heritage elements.

The property is being offered for sale via expressions of interest through Colliers agents Christian Hatzis, Alex Browne and Matt Stagg, closing June 18.

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david.bonaddio@news.com.au

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I recently watched the TV series House of Guinness, and as I followed the story of how one family turned a dark Irish stout into the most recognized beer brand on the planet, I couldn’t stop thinking about real estate.

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Not because beer and houses have much in common, but because the principles that made Guinness iconic are exactly the principles that separate forgettable agents from unforgettable ones.

So, grab a pint — or at least a notepad — and let me walk you through what Guinness can teach you about building a real estate brand that stands the test of time.

Make your service physically different, not just ‘marketed’ as different

Guinness didn’t become a global powerhouse by slapping a fancier label on the same beer everyone else was brewing. They used nitrogen instead of just carbon dioxide, creating a smooth, creamy texture that no other mass-produced beer could replicate. The product itself was different. That distinction mattered because customers could taste it, feel it and see it in every glass.

Too many agents try to differentiate through slogans and headshots while delivering the same cookie-cutter service as everyone else on their block. If you want to stand out, your service has to be fundamentally different, not just your marketing.

That means superior market analysis, a genuinely better listing presentation, a negotiation strategy that gets measurable results or a client communication system that makes people feel like they’re your only client.

Think of it this way: If a homeowner blindfolded themselves and compared your listing process to the agent down the street, would they be able to tell the difference? If not, you have a branding problem that no tagline can fix.

Turn your process into a ritual

One of the most brilliant things Guinness ever did was turn the act of pouring a beer into theater. The famous two-part pour. The 119-second settle. The mesmerizing cascade of bubbles. Ordering a Guinness isn’t a transaction; it’s a visual experience. And that experience reinforces the brand every single time.

What’s your version of the two-part pour? Every touchpoint with a client is an opportunity to create a ritual that signals professionalism and care.

Maybe it’s the way you conduct a listing consultation, with a custom-bound market analysis instead of a few printouts stapled together. Maybe it’s a 30-day post-closing follow-up system that makes clients feel remembered long after the keys are handed over.

The agents who build rituals into their process create anticipation, and anticipation creates perceived value. When a client watches you work through your carefully designed system, they’re watching your version of that Guinness cascade — and it tells them they made the right choice.

Own a clear lane, and never leave it

Guinness never tried to be light, cheap or trendy. They owned a lane — creamy, smooth, dark, premium, ritual-based — and they stayed in it. While other brands chased every fad in the beer market, Guinness doubled down on what made it unique. That clarity of identity is one of the most powerful things a brand can have.

In real estate, the temptation to be everything to everyone is enormous. You want to list luxury homes and starter condos. You want to farm three ZIP codes. You want to be the relocation specialist, the investor whisperer and the first-time buyer champion all at once.

But the agents who build the strongest brands are the ones who pick a lane and own it completely.

Be the neighborhood expert in one community. Be the go-to agent for move-up buyers. Be the listing specialist who consistently gets top dollar. When you try to be everything, you end up being nothing memorable.

Guinness understood that saying “this is who we are” also means saying “this is who we’re not” — and that discipline built an empire. (That’s especially important for agents right now in that whole “the other guy said they would … ” conversation.)

Engineer consistency into everything you do

Here’s something most people don’t know: A Guinness poured in Dublin tastes exactly the same as one poured in Tokyo or New York. That’s not an accident.

The company invested heavily in controlled gas systems, specialized equipment and rigorous training protocols to ensure that human error couldn’t compromise the product. They essentially built quality control into the infrastructure itself.

Think of your business the same way. Every listing presentation, every buyer consultation, every market update you send should feel consistent and professional — regardless of whether you’re having a great week or a terrible one.

That means systems, checklists and templates that ensure your standard of service never dips below a certain level. It’s the difference between a pilot who flies by instinct and one who follows a pre-flight checklist before every takeoff. Both might be talented, but only one guarantees safety every single time. Your clients deserve that same reliability.

Make price secondary to experience

Guinness has never been the cheapest beer on the menu, and they’ve never tried to be. They competed on “worth it,” not “cheap.” Customers gladly pay a premium because the experience justifies the price. The ritual, the taste, the identity of being a Guinness drinker: It all adds up to something that transcends a price tag.

This is perhaps the most important lesson for agents navigating today’s commission conversations. If you’re leading with how low your fee is, you’ve already lost the brand battle. The agents who command full commissions without resistance are the ones who have built such a compelling value proposition that price becomes secondary.

They don’t defend their fee — their service speaks for itself. When a homeowner has watched you execute a flawless marketing plan, negotiate with surgical precision and communicate with them at every step, the question of “why should I pay you this much?” simply never comes up.

Let your process be your proof of integrity

At the heart of the Guinness brand is a simple, powerful message: “We won’t rush it.” That 119-second pour isn’t just a gimmick — it’s a statement about craftsmanship, standards and respect for the customer. It says, “We care enough to do this right, even if it takes a little longer.”

In a market flooded with agents who cut corners to close faster, your commitment to doing things right is your greatest competitive advantage.

When you take the time to properly research comparable sales instead of pulling a quick number, when you insist on professional photography instead of iPhone snapshots, when you walk a client through every line of a contract instead of rushing them to sign — you’re sending the same message Guinness sends with every pour: We don’t rush it because you deserve better.

That’s not just good business. That’s a brand worth building.