Newtown bank building up for auction

Last updated 09:56 01/05/2012

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Commercial Property

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The Westpac Newtown branch premises is being sold by the Ranchod Group.

The Auckland-based company – which has significant property holdings in Auckland, Sydney and Brisbane – is selling some of its smaller Wellington assets.

Westpac has leased the property on the eastern side of Riddiford St since 2005 and has a six-year lease until July 2017. There are three further three-year rights of renewal, with a net annual rent of $75,000.

Colin Hodge of Bayleys Wellington said inquiries received so far reflected demand from passive investors for well-located property with strong tenant covenants.

"It also helps that this is a well-known building and is future-proofed in terms of location given its prime position adjacent to the Newtown Primary School and the retail strip," he said.

The single-storey building has a ground floor area of 333 square metres. It also has a small unused mezzanine at the front.

"The premises are leased as a bare shell and the bank has undertaken an extensive fit-out of the ground floor. The owner's fittings and fixtures include the automatic doors and the toilet facilities, with the balance owned by the tenant."

Other businesses in the area include the National Bank, Bank of New Zealand, New Zealand Post and cafes.

The property will be auctioned on Thursday.

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- The Dominion Post

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