Former Bank Finds a Buyer

Historic Corowa building sells after passing in at auction for $975,000

STORY ACCREDITATION: The Border Mail, December 17, 2022 | WRITER: Ted Howes

The historic property at 157 Sanger Street, Corowa, built in 1912, was passed in after a bid of $975,000. The building has offices on ground level. Picture by Ash Smith

A one-time bank on the main street of Corowa which houses a solicitors’ office on the ground floor and a refurbished residence upstairs was sold after auction on Friday after being passed in when a single bid of $975,000 failed.

Auctioneer Andrew Dixon addressed the 10 people who gathered at the 2.30pm auction.

“It’s an outstanding property, it was formerly the Commercial Bank of Sydney and it was converted into offices downstairs while the upstairs has three very big bedrooms, a dining and living area, a brand new kitchen and bathroom,” Mr Dixon said.

“It also has a beautiful verandah around the top area looking out over the main street.

“Downstairs is currently occupied, it’s a very functional office space with a lot of character.

“There’s also extra space at the rear of the property which potentially has a rentable value of $14,000 or thereabouts.

“Couple that with the nearly $24,000 rent out the front currently paid plus the potential rental of the top area which could be used as an Airbnb which could possibly attract a weekly rent of $500 and the whole package is an attractive proposition.”

Mr Dixon tried to get the ball rolling by calling for an opening bid of $1.2 million, then announced a vendor bid of $950,000. A single bidder raised the ante to $975,000 which was not challenged.

The 1300 square metre commercially zoned block at 19 Diamond Drive, Thurgoona, was passed in after a vendor’s bid, but later sold. Picture by Ted Howes

Mr Dixon then held negotiations with the bidder and another unknown party.

He told The Border Mail the property sold privately about two hours later for an undisclosed sum that was “not far away” from vendor Dean John Skinner’s undisclosed reserve price.

Earlier in the day, a commercially zoned block on Diamond Drive at Thurgoona, billed as being an ideal location as Coles had just bought the property across the road, sold after being passed in after a vendor’s bid of $500,000.

Also being marketed by Dixon Commercial Real Estate, the block was sold privately later for the vendor’s reserve price of $530,000.

Also on Friday, in the Moorwatha farming district, between Howlong and Burrumbuttock, Brian Unthank Real Estate sold 40 hectares of land for $990,000 at auction.

The property, titled Part Glenview, situated on a private lane off Hovell Road, 20 minutes from Albury, went for $90,000 above reserve.

“There was really strong bidding by three parties,” agent Bart Hanrahan said.

Earlier in the day, the agency passed in a 110-hectare property, Kiah, on Howlong-Burrumbuttock Road after a vendor bid of $2.5 million.