Landmark bank site up for sale
A landmark city centre building billed as the best retail property investment in Whanganui is up for sale with long-term leases to New Zealand’s biggest bank and a leading bookseller.
The standout corner premises housing an ANZ bank branch and Whitcoulls bookstore enjoy exceptional main-street exposure on Victoria Ave in the heart of the city centre.
The 1530sq m site generates a total net annual rental income of $418,577 plus the majority of outgoings and GST.
ANZ pays an annual net rent of $250,000 plus outgoings and GST for its approximately 476sq m premises with 10 carparks. The lease runs through to 2028 with a market rent review due in 2025.
Whitcoulls occupies its approximately 425sq m premises on a current lease which extends to 2027 with a further six-year right of renewal. The lease generates a net annual rental return of $168,577 plus outgoings and GST, with market rent reviews due in 2027 and 2030.
The freehold land and buildings at 101-105 Victoria Ave, Whanganui, are being marketed for sale through Karl Cameron, Angus Findlay and John Bartley of Bayleys Real Estate. The property will go to auction on Wednesday, October 25, unless sold prior.
Cameron said the approximately 900sq m building sat on 1531sq m of Commercial-zoned land with 22 rear carparks for staff and customers.
“Completed in 2009, the wellconstructed building has a seismic rating of 100 per cent NBS.
“With the two first-class tenants in occupation since the building was completed 14 years ago, this property has an exceptional tenant history. The tenant covenants are outstanding with the outgoings being paid by the tenants.”
Findlay said a “second-to-none” mainstreet location offered the building and its occupiers unrivalled exposure to passing vehicle and foot traffic.
“Positioned superbly on the corner of Victoria Ave and Maria Place, this property's presence is unmatched within the CBD. This visibility and accessibility in the very heart of the central city underpins the site’s appeal for two tenants who are among the biggest names to be found in any town centre,” said Findlay.
Bartley said Victoria Ave accommodated a lively mix of national tenants and local businesses. The thoroughfare is lined with shops, restaurants, cafes, and bars and is home to numerous historical buildings. Recent development of the Whanganui CBD has further enhanced the prime retailing environment.”