60 Ridgway Street, Whanganui City, Whanganui

Solid investment with iconic architecture

This landmark piece of architecture, an iconic government-built building represents a solid return on investment with the upside of adding value to the rental income. The site has three existing tenants that have good long-term leases in place including Crombie Lockwood, owned by an internationally recognised company, Ministry of Primary Industries, who handle biosecurity, fisheries, forestery and food safety, and Community House, a local umbrella organisation that provides a base and collaboration of fifteen community organisation. This has been a successful model in Whanganui for over 20 years and is funded by agency grants and the local council. Built in the 1940's for NZ Post, the former government building features unique marble carvings on the frontage and has a NBS of 71%. It has seen significant upgrades overall in recent years including seven kitchens, four disabled toilets, air conditioning units, a type four fire system and ultra-fast fibre. This fully compliant site represents solid opportunities for the astute investor, a committed vendor completes the picture.