New bank chooses Collins Street for flagship

The ex-Colonial Mutual Life Building (left) at 330 Collins Street, razed in 1959 for the current office (right).

A 15 month old member-owned bank has leased a prime store in Melbourne’s financial district for its flagship state branch.

People First Bank has signed up for 117 square metres at 330 Collins Street, on the north west corner of Elizabeth – a space for years prior to 2020 occupied by HCF.

HThree is the landlord; the Singapore based investment house two years ago paid $230 million for the 16 storey office with ground floor and basement retail.

The deal comes nearly three weeks since we reported McDonald’s leased a multi-level, 830 sqm building, 67 Swanston St – the long time ex-Melbourne Sports Depot store – to replace a nearby store it was displaced from seven years ago for the Metro Tunnel project.

Ainsworth Property’s Zelman Ainsworth was the agent.

Member bank comes to Collins Street

PFB formed when Adelaide based People’s Choice merged with Toowoomba headquartered Heritage (story continues below).

The move – a business serving over 700,000 members – saw Heritage indirectly retain its position as the country’s biggest customer-owned bank, replacing Great Southern Bank, formerly CUA, which overtook it in 2021, according to the Customer Owned Banking Association.

In Melbourne, PFB’s lending and advice centre is at 460 Bourke Street.

Nationally the company has 90 branches in all states except the ACT, Tasmania and Western Australia.

The bank also brands the Carrara stadium home to the Gold Coast Suns.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of