Historic building transformed in Palmerston North

A historic building on Palmerston North CBD's Golden Mile has been transformed into a modern, sustainable commercial space and is now for sale as a fully tenanted investment opportunity.

All three tenants have a 10-year lease, starting from December 2019, and the new building has been built to

100 per cent earthquake code, while the existing building is at the minimum of 85 per cent.

The new build consists of about

1100sq m, while the original building, which has been modernised using the latest technology, has about 982sq m.

Its location in the centre of town means that parking is at premium so the sale includes the neighbouring property, 591 Main St, which will provide most of the carparking for 200 Broadway Ave.

Dave and Kate Looney, of Property Brokers Palmerston North, are marketing the property for sale by tender, closing at 4pm on Friday, November 1.

The building originally housed the Manawatu Times newspaper before being bought by the Palmerston North RSA in 1965 and opened as its new clubrooms in December 1966. They remained at 200 Broadway Ave until local company, Vining Group, bought it at an auction in 2013.

The existing building has been redeveloped, strengthened and rebuilt to a very high standard, while a new building has been added to create a purpose-built facility for three clients.

Vining Group co-director Sheridan Vining said that while he loved the site, his company had simply outgrown it and was now moving to the outskirts of Palmerston North.

“This property is a purpose-built office facility and clinic rooms for three quality tenants. The design and fitout specifications have allowed us to create a good build,” says Sheridan.