From bank buildings, to a local meeting place to a town bakery, a mixed bag of heritage listings which have stood the test of time are awaiting a new lease of life, ready to be home to a thriving business venture, or for an investor to preserve and restore its untapped potential.
In fact, three of the top five most-viewed listings on realcommercial.com.au over the past quarter are heritage-listed.
Here is a selection of heritage listings found across Australia dating back to the mid to late 1800s, currently looking for new owners:
Gold rush landmark
Offered for sale for the first time in more than 40 years, this building began life as the Federal Coffee Palace during Fremantle, Western Australia’s gold rush boom; coffee palaces experienced a boom during that period as an alternative to pubs during the temperance movement.
Constructed in 1892, the Federation Free Classical building, located at 10-12 Henry Street, Fremantle has been listed for sale via an Expressions of Interest campaign following the relocation of the Lance Holt School, which occupied the building for almost 50 years.
This building started life in the 1800s temperance movement as a coffee house. Picture: realcommercial.com.au
Set on a 551sqm landholding within Fremantle’s city centre, the building’s rendered façade, decorative parapet, timber sash windows and classical detailing have been meticulously preserved, and its 845sqm floor space has an adaptable internal layout.
The building is listed on the State Register of Heritage Places and the local heritage register, reflecting its significance within one of the country’s most intact 19th-century port precincts.
Ben Younger, Cushman & Wakefield director and joint head of capital markets WA, said demand for character-rich heritage assets had strengthened as investors increasingly sought opportunities that combined long-term capital preservation with multiple future-use outcomes.
“Investors are becoming increasingly selective and are gravitating towards assets that offer genuine scarcity and the ability to create value through repositioning and adaptive reuse,” he said.
It’s been remodelled over the years to suit a variety of uses. Picture: realcommercial.com.au
“Opportunities of this calibre are exceptionally rare in Fremantle’s West End.
“We’re expecting interest from a broad range of buyers including private investors, family offices, hospitality operators, education providers, developers and owner-occupiers seeking a landmark property with long-term upside.”
The building is listed for sale via an expressions of interest campaign, closing 3 July.
Strathalbyn sandstone icon
Described in its listing as “one of Strathalbyn’s most admired and historically important landmarks,” this South Australian sandstone building at 7 Dawson Street in Strathalbyn is steeped in heritage.
Listed for sale for offers above $1.5 million, the two-level corner building, which was the former Savings Bank of South Australia is part of the South Australian State Heritage Register.
This building is an icon of the town. Picture: realcommercial.com.au
It first opened in 1930 and was constructed of rock face freestone with an arcaded ground floor, with the upper floor serving as the bank manager’s residence, which was typical of banking structures of the time.
Today, it remains a prominent fixture of the township’s heart, and as a mixed-use space, the ground floor is configured for commercial use, while the second level provides residential accommodation.
The property is fully leased to Westpac Banking Corporation, trading as BankSA, with a secure lease until May 2028, with a further three-year option.
A 19th century baker’s dozen
In the Hunter Region of New South Wales, a State Heritage listed 1865-built homestead style building which was once a bakery, is seeking new custodians.
Offered for sale via an expressions of interest campaign ending 9 July, 98 Close Street, Morpeth is described in its heritage citation as evidence of 19th century industry and way of life.
This building in the NSW Hunter region started life as a bakery. Picture: realcommercial.com.au
The two level building is now vacant and was previously home to a Christmas decoration store.
Set within the Hunter region’s most historic precincts, the property offers scope for retail, commercial, medical or professional uses.
Are heritage listings worth the investment?
Benjamin Gall, Australian Heritage Specialists managing director and principal consultant, said when done properly, heritage places in a commercial setting offer a unique opportunity.
“They’re generally consisting with an element of landscape quality, the places are listed often, not always, but often for architectural merit, architectural significance, they’re prominent, they’re aesthetically pleasing, and they have characteristics which used correctly enhance the use and individual experience in those spaces,” he said.
He said in a commercial setting, for restaurants and office spaces for example, the remnant of an industrial complex that was built 100 or more years ago was often more appealing.
“Once brought up to grade and in good condition, obviously the heritage place provides greater amenity and in that case, I think that’s the opportunity that comes from that.”
Experts say heritage buildings can be worth the investment as businesses seek to lease something with character. Picture: realcommercial.com.au
Typically, at a state or territory level, the processes to change or develop a place of state heritage value mostly remained the same: Maintain the character and significance of the building.
For investors seeking to buy a commercial heritage property, the ability to “think big” and enlist people to help restore or renovate it, should form a “multi-disciplined approach,” Mr Gall said.
“Our team have historians … we have archaeologists and a range of people that are in the multi-discipline space of heritage,” he said.
“We then work very closely alongside expert engineers, registered architects that know building codes and all those other things.
“We’re then able to quickly adapt a building, in particular ‘adaptive reuse’ is the big word, because many of these state heritage places no longer have the use that they were built for.“
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