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Property investors cheque out high street banking premises on the market for sale

The land and prominent main street building which previously operated solely as a bustling coastal town’s BNZ banking branch and now shares space with a community welfare organisation has been placed on the market for sale.

The two-storey commercial premises in the township of Thames at the base of the Coromandel Peninsula in the North Island is conspicuously located in the town’s main street - giving high profile to head tenant the BNZ.

Sitting on the corner of Pollen Street – Thames’ main retail precinct – and Sealey Street, the prime BNZ branded building has extensive on-street parking available on both routes immediately outside.

Constructed in 1986 to replace a previous BNZ premises, the current building being marketed for sale has a new build standard rating of 80 percent following extensive structural strengthening work undertaken over recent years.

The freehold rectangular shaped land and building at 501 Pollen Street in Thames is being marketed for sale at auction on June 13 by Bayleys Coromandel. Salesperson Josh Smith said the address comprised some 860-square metres of commercial office space sitting on approximately 845-sqaure metres of land zoned commercial under the Thames Coromandel District Council plan.

Currently, the Pollen Street property generates annual rental income of $128,500 plus GST and operating expenses – with both tenants operating independently of each other. The land and building have been owned by the family for some 40-years, and the vendors are now selling it so they can distribute the proceeds among family.

Smith said that as a branch serving both the Coromandel Peninsula and the Hauraki Plains, the Thames BNZ premises encompassed a range of welcoming public reception areas, small meeting rooms, teller counters, an ATM facing onto the pavement, and back-office staff bathroom and lunchroom amenities – with the tenant investing in refurbishment and modernising the ground floor space over recent years.

“Reflecting the prominence which the Pollen Street/Sealey building occupies in Thames’ central business district, lead tenant the BNZ has invested significantly in refurbishing and upgrading the interior of the property which it occupies,” said Smith.

“This has seen the Thames branch align its professional ambience with BNZ’s larger city branches, and is an acknowledgement of how important this strategic geographic location is to the wider BNZ brand.”

BNZ on the street-level portion of the building is the main tenant – on a lease paying $112,000 plus GST and operating expenses annually, and with three four-year rights of renewal delivering a potential final expiry date of 2033.

The BNZ has been trading in New Zealand for more than 160-years, and is the country’s second largest retail banking operating with a 19.1 percent market share and some 100 branches across the nation. The Thames BNZ branch operates two

days a week – delivering a full suite of services to ensure its presence remains relevant in regional New Zealand.

Meanwhile on the first floor accessed by both a lift and internal stairwell, the other tenant is women’s refuge organisation Te Whariki Manawahine O Hauraki which is an incorporated society that supports women and families to heal from the impacts of violence.

The organisation evolved from the closure of the Hauraki Women’s Refuge in 2000, and Te Whariki Manawahine O Hauraki is now on a lease at the Thames premises paying $16,500 plus GST and operating expenses annually, and with three three-year rights of renewal delivering a potential final expiry date of 2031.

Te Whariki Manawahine O Hauraki’s space is configured into a mix of comfortable and welcoming open-planned areas, along with offices, training rooms and consulting suites, adjacent to bathroom and lunchroom amenities.

Pollen Street is the spine of Thames’ central business district – offering ample availability of parking, little traffic congestion, and the convenience for locals to park and do all of their shopping or personal administration requirements such as banking from one pivotal point within a few hundred metres of everything they need.

Various retail business neighbour 501 Pollen Street – including multiple standalone and nationally-branded food and beverage operations, home improvement and maintenance products retailers, personal grooming and beautician operations, niche supermarkets, as well as several small healthcare and wellness providers.

Click here for more information on the listing.

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