A Mittagong institution is up for sale, with The Old Bank Hotel announced to the market.

Originally a Commercial Banking Company of Sydney premises from the 1880s, the site at 83 Main Street was given new life after being purchased by Barbara Whitehouse and Warwick Wainberg of Cayonleigh in 2008.

The restored building is now expected to fetch $4 million from a sale being conducted through Knight Frank’s Deborah Cullen and Richard Sholl, in conjunction with Andrew de Montemas of WM Carpenter & Associates.

Mr Wainberg said a blend of past property development and hospitality formed the basis of The Old Bank's appeal. 

“We saw the chance to preserve a Mittagong icon from neglect or demolition and couldn’t resist," he said.

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The Old Bank Hotel has been announced to market. Source: Knight Frank

"That's how our journey of restoring The Old Bank to its former glory began.”

The Old Bank includes eight bedrooms, each with an en-suite, nine bathrooms, and secure parking for eight cars. 

Knight Frank Partner and Head of Prestige Residential Sale NSW, Deborah Cullen, said the potential for the offering was only limited by the mind of the buyer.

“Whether it be as a residential home, a restaurant, a boutique hotel, a BnB, corporate headquarters or a club, The Old Bank would be perfect," she said.

Mr de Montemas said the Southern Highlands location was also a drawcard.

“We expect The Old Bank to receive strong interest from a variety of parties due to the potential accommodation upside and the wide range of uses the building could be used for," he said.

"It presents a strong opportunity to purchase a Mittagong icon that has been restored to maximise future opportunities for the incoming owner.”

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