A landmark Taupō bank branch for sale offers a commercial property investment of rare quality in a thriving provincial town centre.
The recently refurbished two-level property enjoys standout street presence thanks to prominent frontage on key CBD thoroughfare Horomātangi Street.
The premises are fully occupied by Australasian banking giant Westpac on a lease that runs to 2032, with a further three-year right of renewal.
The lease returns an annual net rental of $174,000 plus outgoings and GST, with built-in rental growth.
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Open five days a week, as well as providing a 24/7 deposit and withdrawal lobby, Westpac Taupō benefits from exposure to busy pedestrian and vehicle traffic in the heart of the town’s main retail and office precinct.
Westpac New Zealand is one of New Zealand’s “big four” banks. It forms part of the Westpac Banking Corporation, a Sydney-based multinational company which, as of last year, had 13 million customers and employed 35,000 people.
The bank’s Taupō branch serves a catchment that is home to flourishing agricultural, forestry and geothermal power industries, and a tourism sector that draws nearly a million national and international visitors a year.
The freehold property at 27 Horomātangi Street is being marketed for sale by negotiation through Gary Harwood and Lisa Christensen of Bayleys Taupō.
Harwood says the sale gives commercial property buyers a rare chance to secure a high-calibre bottom-drawer investment in the heart of a thriving central North Island provincial centre.
“Commercial premises in Taupō’s town centre are notoriously tightly held.
"An opportunity of this quality, with a secure long-term lease to a blue-chip banking tenant, strong rental returns, and a prime CBD location, is a genuine rarity,” he says.
Harwood says the approximately 544-square-metre building underwent extensive refurbishment last year, resulting in high-quality, low-maintenance premises with minimal need for capital expenditure in the near term.
The structure has an Initial Evaluation Procedure seismic rating of 67 percent of new building standard.
It is underpinned by some 384 square metres of land with three on-site car parks, supplemented by plenty of public parking along Horomātangi Street.
Christensen says the site’s easy street-front accessibility is further enhanced by a pedestrian walkway along the side of the building, connecting Horomātangi Street with Te Heuheu Street, as well as a service lane to the rear.
“This position with standout exposure on Horomātangi Street, one of the town’s most sought-after commercial precincts, is ideal for a busy bank branch – supported by lively foot traffic in an area bustling with national and international retailers and professional offices,” Christensen says.
The property sits within the Town Centre zone under Taupō’s district plan.
"This seeks to foster a compact, efficient and vibrant centre, with roading and community infrastructure provided to a high standard with a view to enabling intensive development.
- Supplied by Bayleys
