The number of air conditioned buildings in Australia has fallen by more than half since the start of the year.
But the trend is unlikely to last for long.
The ANZ building, which was built in 2006 and is now listed for sale, has already been converted to a five-bedroom detached house.
The Victorian-based firm which built it has been working on a plan to convert the old Victorian shed into a five bedroom detached house and the building is expected to open in 2019.
It is currently being sold at auction at $3.1 million (around $11 million in Australian dollars).
There is still plenty of room to make an attractive offer and the project is far from finished, but the company is optimistic about the prospects of a successful sale.
“We have had a few bids on the project,” chief executive Steve Dyer said.
He said the company had recently sold a five star hotel in the same suburb to a Chinese company, and a seven-star hotel in central Sydney to a Malaysian company.
Auctioneer Rob Jones said there was no shortage of interest in the property and the sale was likely to attract significant interest.
“There is a lot of interest and lots of people interested in this property,” Mr Jones said.
“This is one of the prime properties in the area, so we want to have that in front of the public.”