Concerned at the neglect of the former Commonwealth Bank building, located at 404 Peel Street next to Tamworth Post Office, local developer Charles Sfeir decided to act.
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The building has been empty and increasingly derelict since the bank moved out in 2013, first to premises on the other side of Peel Street before relocating back to the same side as the original bank in late 2023.
Mr Sfeir's company, Majeti Investment Group, bought the building 12 months ago and started work to redevelop the historic Peel Street icon, with some of the early work expected to come to fruition later this month, said leasing agent Malcolm Campbell, of Ray White Tamworth.
"The building had been neglected for a long time, and left as it was would impact other businesses along Peel Street," Mr Sfeir said.
"We can't keep neglecting our old buildings.
"With this redevelopment, we're bringing back the beauty of the original building for the commercial health of Tamworth," Mr Sfeir said.
The redevelopment has been a long time coming, but once completed this grand old Peel Street building will house up to three tenants: office space on the second floor and retail space at street level.
"Charles is spending a lot of money to completely transform the building from where it was to where it will end up," Mr Campbell said.
"The heritage feel of the building will be maintained but it will also gain a beautiful big window to allow in lots of natural light in at the front of the building.
"The remodel will be sympathetic and finished in heritage colours.
"We hope to see the upstairs tenancy finalised this week, and potentially the downstairs tenancies in the next few weeks."
The Leader was given a sneak peak through the construction site on Monday, March 4, to see how the building was progressing, and while there is a bit to go, the new vision is clearly taking shape.
Mr Campbell said the first floor could eventually house either retail or restaurant space, but would be "a while yet" before it was completed.
"We're in negotiation with a couple of tenants right now but I can't yet disclose who they are, as we are yet to sign off on leases," Mr Campbell said.
He said the reason the project had taken so long was partly because it has taken so long to get the DA approved by council, and to work with the heritage orders to open up the building with the feature window at the front.
Mr Campbell said one of the building's tenants was likely a local relocating.
"This is an exciting retail space," Mr Campbell said.
The Commonwealth Bank was built in 1928, and last underwent a major remodel in the late 1950s to almost double in size.
