The Corporation of the Trustees of the Order of the Sisters of Mercy in Queensland paid $2.8 million for the 1474sq m site that fronts Southport Mall.
The property, which is occupied by a two-storey brick building, is adjacent to the order's former convent, a site occupied by a range of interconnected former school buildings.
One of the real estate agents handling the deal, Jamie Bourke, said the Sisters now had prominent access to the mall which gave the option of a retail address and builds an impressive potential development site.
He said the order would be pushing to find a tenant for the former bank branch.