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Interest sought for bank branch sale

Tags: Commercial

The prominent land and building housing the ASB branch in the central Northland township of Kaikohe have been placed on the market for sale.

The ASB has been in the same site in Kaikohe for 26-years. The premises at 109 – 111 Broadway is in the centre of town’s retail high street, and features a 230 square metre building sitting on 459 square metres of freehold land.

The property is being jointly marketed for sale at auction at 11am on May 16 through Bayleys Auckland and Bayleys Whangarei. Salespeople Nicolas Ching and Neil Campbell said the open-plan retail banking branch featured floor-t-ceiling windows looking out onto both street frontages.

Internally, bank consists of approximately 142 square metres of public customer floor space, sustained by two offices and modern staff amenities – including a kitchenette/lunchroom, storage rooms, and bathrooms. Outside the rear of the building, the property had sealed parking for eight vehicles with a driveway entry off Dickeson Street.

“As is typical of New Zealand rural service towns founded in the late 1800s, Broadway in Kaikohe is the retail spine of the town, and is proliferated by the usual selection of banks, healthcare services, the stereotypical array of ethnic eateries, fish and chip shops, pizza parlours, and of course civic amenities,” Mr Ching said.

“That array of tenancies ensures Broadway remains at the centre of the community’s retail needs. And Kaikohe’s economic confidence has been firmed with the announcement by The Warehouse this month that the retailing magnet intends continuing its presence in the town.

“In line with the bank’s corporate image and professional services, the Broadway property has been maintained to an extremely high standard throughout its lifespan, and is one of the best presented retail premises in Kaikohe.”

Sitting on the corner of Dickeson Street and Broadway, the Kaikohe ASB branch is currently on a six- year lease running through to 2022 and, paying $33,000 + GST per annum. The building has with an Initial Evaluation Process rating of 67 percent of New Building Standards.

The ASB has more than 150 branches throughout New Zealand – employing approximately 4500 staff. The bank reported net profit after tax of $593 million for the six months ended December 31, 2017 – a 13 percent increase on the same period in 2016.

The looming sale of the ASB premises comes as the Far North District Council is currently proposing a substantial investment in its civic presence in Kaikohe - including development of both a community hub and a civic centre, both of which would be in close proximity to the ASB premises.

In its Long Term Plan 2018 – 2018 Consultation Document currently out for public submissions, the council has outlined costings for the two projects – with $11.8 million as the suggested budget for the community hub and an additional $6.4 million allocated for the potential development of a new civic centre.

Outlining its proposal for a new community hub and identifying stakeholders which may be interested in working on the project, the council report says: “We (the Far North District Council) see (local iwi) Ngapuhi and the hapu (Maori community) as key partners in this project.”

Meanwhile, the proposal for a larger civic centre combining the town’s Memorial Hall and existing council chambers just a few hundred metres from the ASB, calls for the construction of a new library, and public space, alongside opening new commercial and retail activities.

“This would provide the community with a one-stop shop for council services. The kind of facility we envisage is similar to Te Ahu in Kaitaia which includes a library, museum, council service centre, cinema and café,” says the Long Term Plan 2018 – 2018 Consultation Document.

Mr Ching said it was encouraging to see the council committed to sustaining and growing the long-term viability of Kaikohe as a service town.

With a population of approximately 4510 people, Kaikohe is the largest inland town in Northland – providing retail and community services to the smaller settlements of Horeke, Rawene, Opononi and Omapere to the west; Parakao and Twin Bridges to the south; Okaihau to the north; and Ohaeawi and Pakaraka to the east.

“Cornerstone to this economic activity is of course the availability of banking services for the wider Kaikohe populous – and that is a positive sentiment for the likes of the ASB, which was one of the foundation banks to take up a presence in the town,’ Mr Ching said.

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