Investors cheque out potential at bank branch
The land and building housing the Westpac bank branch in the Waikato town of Matamata have been placed on the market.
The premises at 40 Arawa St in the centre of the town’s business district features a 310 sq m building sitting on 392 sq m of freehold land.
Westpac is one of New Zealand’s ‘big five’ retail banks which, combined, hold some 90 per cent of loans and mortgages in the country.
The Westpac branch in Matamata operates in all sectors of retail banking — including personal, business and agribusiness — and has been operating from the premises for nine years.
Nearby commercial tenancies include the Matamata branches of livestock and farm services firm Farm Source, building materials retailer Mitre 10, Countdown supermarket, multiple standalone food and beverage outlets, along with the town’s civic administration centre and library.
Westpac is currently on a lease at its Matamata branch running through to 2024 with a further fouryear right of renewal – generating rental income of $59,325 plus GST and operating expenses.
The next rental review date for the property is in 2024.
The rectangular shaped freehold property and building is being marketed for sale by auction on August 10 through Bayleys Waikato.
Salesperson Josh Smith said the property had a seismic rating of more than 67 per cent of new build standards.
It enjoyed a prominent position in Matamata’s town centre – sustained by ample free customer parking spaces immediately outside.
Smith said the internal layout of the building was typical of a retail banking environment, comprising a large open-plan area with office cubicles around the periphery, meeting rooms, and staff amenities situated behind private doors.
The building also had rear access for staff, along with parking for three vehicles, from a private service lane running behind the row of terraced shops in which the premises was located.
“Banking premises, as is evident with Westpac in Matamata, are maintained at high levels in keeping with their professional status.
“The current owner of 40 Arawa St has very much taken a hands-on interest in ensuring the building is an easy-care investment by always overseeing any facilities management issues as and when they arose,” he said.
“For example, the premises has been recently re-roofed with highgrade steel, in addition to its street frontage being kept at a high standard. As a result, the building has always delivered good rental yields from an appreciative tenant.”
As a rural services township with a population of some 7806 residents according the 2018 census, Matamata comes under the jurisdiction of the Matamata Piako District Council. The town’s businesses derive much of their income from the dairying, equine and cropping sectors of primary industry, along with tourism linked to the Lord of the Rings Hobbiton attraction on the outskirts of town.