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Former provincial town’s bank site up for sale has plenty of ‘interest’ for property investors

Located directly opposite the landmark Old Portland Lighthouse, the 268-square metre rectangular site for sale is located on a prominent intersection just a few hundred metres from the newly built New World supermarket.

The strategically-located apex property for sale sits on the intersection of Marine Parade and State Highway 2 - the Pacific Highway – which links Napier with Gisborne. The land is zoned town centre under the Wairoa District Council Plan.

With a population of approximately 8,680 people, Wairoa is the largest town in Northern Hawke’s Bay. Wairoa’s town centre is characterised by a high frequency of vehicle movements, high pedestrian movement, bright and colourful signage on building frontages and roofs, and a continuity of verandas along Marine Parade.

Westpac traded from the single-storey Marine Parade branch for many years – banking on the venue’s high-profile visibility, underpinned by convenient customer parking directly outside the premises on both road frontages. Westpac ceased its presence in Wairoa last year.

The freehold land and 220-square metre former bank building at 86 Marine Parade in Wairoa is now being marketed for sale by auction on September 2 through Bayleys Napier. Salesperson Mark Evans said the site would attract both owner-occupiers looking for a prime central town retail or professional services location, or for an investor looking to tenant or redevelop the space.

“With some fit out from Westpac remaining, a new owner could utilise the building in its current layout for a corporate office or professional space for the likes of an accountancy practice or legal firm,” said Evans.

“With a largely open-plan entrance and reception area and smaller partitioned offices, the interior delivers ample public space coupled with private offices accessed via an internal corridor. It contains a well serviced and functioning air-conditioning system maintained by a Gisborne building services company.

“The building’s street profile is enhanced by near full height floor-to-ceiling windows down the Pacific Highway pedestrian frontage. Meanwhile, staff facilities within the building’s current configuration include a lunchroom with a kitchenette, as well as bathrooms, and are located at the rear of the building.

“Alternativity a new owner could gut the interior - leaving a large open plan layout suitable for retail use.”

Evans said there was the potential to reconfigure 86 Marine Parade into multiple new retail premises – either with their own separate entrances or sharing the common entry point from the wide paved footpath outside.

“Under either of these retail-focused avenues, the physical structure of the building would allow for substantial promotional signage to be installed on the fascia or parapet above the awning stretching over the footpath,” he said.

“The precedent for this opportunity is already there – with the previous tenant making maximum use of both the external wall and substantial window space to promote not only its brand, but also its product offerings.”

Built in 1980s - with subsequent internal modifications as banking operations evolved - the Wairoa property has a new build standards seismic rating of 67 percent.

The town centre classification for the Marine Parade property for sale primarily encompasses Wairoa’s central business district around the town bridge on both sides of the Wairoa River. It comprises two distinct areas – the retail shopping area along and around Marine Parade which sustains the full gamut of retail premises for a typical New Zealand provincial town such as pharmacies, clothing outlets, hair stylists and barbers, convenience food producers and café premises, licensed bars, and homeware shops, and secondly, the surrounding mixed commercial area.

Wairoa’s retail activities are concentrated around the block bounded by Marine Parade, Locke Street, Queen Street and Paul Street. The retail shopping area along Marine Parade is characterised by one and two-storey buildings with a continuous frontage, pedestrian cover, and little or no front or side yards. Many retailers rely on kerbside parking or off-street car parks for customers.

Adjoining the retail shopping area to the west and extending along Marine Parade and Queen Street to the Paul Street/Lucknow Street intersection are areas of commercial activities and mixed light industry. To the east between Marine Parade and Queen Street as far as Murraee Street are numerous mixed commercial, civic and community activities, including the library, council offices, government department offices and the Wairoa County Club.

Click here for more information on the listing.

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