A former Westbank bank in Melbourne’s northern suburbs has been sold to an owner-occupier for $2.46 million by Fitzroys.

The commercial property is located in the heart of Lalor, about 18 kilometres north of Melbourne’s CBD, and was sold at auction by Fitzroys after more than 60 enquiries from investors and owner-occupiers.

The property, located at 322-324 Station Street, is a two-level building of 850 square metres, according to Fitzroys agent Terence Yeh.

At a glance: 

• A former Westpac bank in Melbourne's northern suburbs has been sold to an owner-occupier for $2.46 million.
• Fitzroys' agents Terence Yeh and David Bourke acted on behalf of a private investor.
• The property at 322-324 Station Street comprises 850 square metres across two levels.

Mr Yeh and David Bourke acted on behalf of private investors who bought the property in 1996 for $830,000.

“Investors were attracted to the busy shopping precinct’s historically low vacancy rate, while owner-occupiers were keen to take the rare chance to secure a strategically located, high-profile building in the heart of this busy shopping precinct,” Mr Yeh said.

“This is a tightly held area of Melbourne, with one property coming to the market every few years.”

The commercial asset is perfectly located within a major retail hub, according to Mr Bourke,

It neighbours Coles, Commonwealth Bank, Lalor library and a bevy of other independent local businesses.

Mr Bourke said the buyer is very familiar with the area, having operated their business in Lalor for a decade.

“Their purchase is a strong vote of confidence in the strength of this precinct and its future prospects,” he said.

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