10.13AM: Hume Building Society has announced it will expand its head office into the old Baker motors site next door.
The local financial institution had considered relocating to cater for increasing business and staff but has instead purchased a third of the former car dealer's site.
Chief executive Andrew Saxby said the purchase was "a logical step" for Hume.
"In the past ten years Hume has doubled the number of branches and grown its balance sheet two and a half fold," he said.
“While technology has allowed us to more than double in size without doubling our workforce, this rapid growth has necessitated more staff."
Martin Baker said he and his brothers were pleased to assist their former neighbour.
“When we agreed to relocate and combine our operations to the new Young Street premises, my brothers and I also agreed that we would approach Hume to see if they were interested in our Olive Street premises," he said.
"We were pleased that we could provide security to Hume, a great local business and our friendly neighbour for the past 43 years."
"The NRMA Insurance office will continue to operate from the site and we are in discussions with potential tenants for the remainder of the property.”