Heritage bank on market

The title to the ground floor of an ‘‘iconic’’ Wellington building that housed a Burger King store is up for sale.

The ornate building at 1/79 Manners Street was built about 1913 as the Bank of New Zealand’s Te Aro branch and operated as such for more than 70 years. It sits on the corner of Manners and Cuba streets.

More recently it housed a Burger King store, which closed last month when its lease expired. A number of the chain’s stores had been liquidated as a result of the coronavirus lockdown, Harcourts agent Paula Muollo said.

Upstairs there are 10 two-bedroom apartments and eight studios, but just the ground floor was being sold.

It was being sold for $2 million, which was $570,000 under the rateable value (RV), due to the fact it required further earthquake strengthening, Muollo said.

The building had been through strengthening previously but was still ‘‘earthquake prone’’. The further strengthening needed to be done by 2027, she said.

‘‘It’s quite a big reduction. You’re buying a commercial title for what a house would be selling for in Wellington. Right in the heart of the CBD,’’ she said.

The title was currently owned by an unnamed family trust, she said.

The reason it was being put on the market now is it would be perfect for an owner-occupier.

‘‘Or somebody could split it into two shops because there is access on Cuba St side,’’ she said.

There had already been interest from a number of parties, including investors wanting to take advantage of the low interest rates and a couple of owner-operators, Muollo said.

The 383m2 space will come with items Burger King is leaving behind: the extraction, vents, signage, chiller, public toilets and counter, and table and chairs.

Muollo said it was last sold in 2009, and would be ‘‘perfect’’ for international food operators looking to come into the market or retailers who might want to split the space in two.

It could also make a good retail space due to its studs and ornate ceiling. ‘‘It would lend itself to some sort of international franchise retail store,’’ she said.

The net income the property brought in was $226,000 every year during Burger King’s tenancy, she said.

The building is listed as a category 1 heritage building in the Historic Places Trust.

Previous owners include Terry Serepisos, who brought the property in about 2002 and sold it to Rafaelle and Josephine Muollo.