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Property investors poised to make healthy deposit for bank branch sale

Tags: Commercial

The land and building housing the Westpac bank branch in the Southern Hawke’s Bay township of Dannevirke have been placed on the market for sale.

The premises at 69 High Street on the corner of Ward Street, is in the centre of the town’s business district, and features a 693 square metre building sitting on 617 square metres of freehold land. High Street – also known as State Highway 2 – is the town’s retail strip.

The bank branch is currently on a new five year lease running through until 2022 and lease paying $59,000 plus GST per annum, with three further three-year rights of renewal.

The property has a second tenant – Cooly Properties Ltd, which has a one year lease running through until the end of next year, generating an annual rental of $30,000 plus GST.

The property is being marketed for sale at auction on October 25 through Bayleys Hawke’s Bay. The property features in Bayleys’ latest Total Property portfolio magazine.

Salesperson Rollo Vavasour said the property had a seismic rating of 69 percent of new build standards and had neighbours including a jewelry shop, and optometrists, while nearby were such operations as The Warehouse, NZ Post and Kiwibank, and the offices of Tararua District Council.

Mr Vavasour said the prominent building was a well-known Dannevirke landmark, and following the seismic enhancement Westpac had entered into a new long-term lease with multiple rights of renewal.

With a population of approximately 5200 people, Dannevirke is the largest community in the Tararua District and is well serviced with a modern hospital, and three secondary schools.

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