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Ministry of Social Development branch sale has numerous benefits for property investors.

Tags: Commercial

The land and building housing the Wanganui branch of the Ministry of Social Development have been placed on the market for sale.

The property at 153 St Hill Street in Wanganui features a 2,074 square metre office building sitting on 3,872 square metres of freehold land with 39 car parks. The building has a 100 percent rating of New Build Standards (NBS).

The Ministry of Social Development (MSD) is the Government agency responsible for providing the administrative framework to support a vast array of social services – ranging from unemployment benefits and student loans through to disability payments and pensions. The Wanganui branch is one of 200 MSD locations throughout New Zealand.

The single-storey St Hill Street property is being marketed for sale by tender on June 28 through Bayleys Palmerston North. Salesperson Karl Cameron said the property was purpose-built for the Government agency, which took up occupancy last year.

“The brand new, low maintenance building with onsite car parking at the rear of the address is the epitome of prime investment-grade stock. It is the most modern building of its type in Wanganui,” Mr Cameron said.

“It ticks all the boxes of being a quality build, with a good tenant in place on a long lease. Being only a year-old, the building and its supporting workplace  infrastructure such as air conditioning, fire alarms and sprinklers, are all in immaculate condition.”

St Hill Street is one of Wanganui’s main central business district’s retailing destinations – sustained by a high passing vehicle count and with nearby tenancies including the Wanganui Returned Servicemen’s Association, Whanganui District Council, and Wanganui City College.. The location is zoned outer commercial under Wanganui Council’s district plan.

The Ministry of Social Development is currently on a lease expiring in 3029 with three further three-year rights of renewal and generating a net annual rental of $479,981 with regular three-yearly rent reviews.

Mr Cameron said the premises had been designed with functionality as the foremost pre-requisite from the tenant.

 “With such a broad ‘customer’ base visiting the premises on a daily basis, it’s relatively easy to understand the demand dynamics for the internal layout of the premises, and for the necessity for the building to be located near the centre of town with a high degree of parking amenities for clientele,” Mr Cameron said.

As well as parking at the rear of the premises, St Hill Street has substantial parking immediately outside the property.

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