Property analyst Pat Turley said the sale was very close to expectations.
"It's a very low-yield market for prime commercial property," he said.
"The tenancy surety is prime bank and a leaseback term of 10 years is excellent. It's located in the heart of Hastings and in a keenly-sought affordable price bracket."
Mr Ward said the new owner was a local individual.
"We are very pleased to see it's a local sale and the money is staying in the Bay," he said.
The number of Collier's listings had fallen in the strong market but as prices rose vendors "sitting on the fence about selling are starting to feel compelled."
He said a large part of Collier's business was "off-market" - non-advertised brokering by Colliers between parties - "but I think this sale highlights in a competitive market situation we can really get a premium for vendors".
Interest in the SBS sale was high, from both within the region and outside.
He said similar low yields were achieved in Auckland because of expectations of capital gain. Thanks to a low interest rate environment and increasing Hawke's Bay capital values in the growing local economy he expected to see more sub-6 per cent sales for premium properties.
"I don't see the market lessening any time soon so prices may continue to firm."
Until recently the SBS Bank operated as HBS Bank in Hawke's Bay. SBS Bank merged with Hastings Building Society in 2010, after 98 per cent of Hastings members voted for the merger with what was the Southland Building Society.
The Hastings branch sits on an intersection where all four corners are bank buildings: Kiwibank, The Co-operative Bank and ASB Bank.