Bet on the bank in Howick
Westpac Bank has been a tenant for nearly 30 years at 19 Wellington St, Howick.
A Howick building in which Westpac Bank has renewed its ground floor lease after being a tenant for almost 30 years, is for sale with a vacant first floor offering an add value opportunity for the next owner.
The 887 sq m building on a 1012 sq m site at 19 Wellington St in central Howick is being marketed by Mark Pittaway and James Chan of Bayleys Auckland office.
It is one of 25 commercial and industrial properties featured in Bayleys’ latest Total Property portfolio that will be auctioned on Wednesday April 15 unless the Howick property sells earlier by private treaty.
Pittaway says the building was specifically constructed for the Westpac Bank in 1985 and it has been a tenant on the 473 sq m ground floor since then, originally on a 15 year lease and then on renewal terms from 2000.
The first floor was leased by a local accounting firm for many years until, in 2004, Westpac Bank took over the entire building using the first floor as its regional administration office. The regional office was subsequently relocated and the 414 sq m first floor, which is now vacant, is being marketed for lease by Bayleys.
“This floor includes a very high quality commercial fit out left by Westpac,” says Pittaway.
“The property could have potential annual net income of over $216,000 plus GST if fully leased. There are a number of local businesses looking at the vacant space with one company currently negotiating lease terms
“A new owner could pursue the option of securing a tenant for this space which is suitable for a range of commercial activities or, given the recent development of residential apartments in the immediate neighbourhood, could also possibly consider a residential conversion, subject to obtaining the necessary consents.”
Pittaway says the building has a very high Initial Evaluation Procedure (IEP) seismic assessment of 178 per cent of New Building Standard with entrances at the front from Wellington Street and towards the rear on the northern side. In addition, there is stairwell access from the 29 car park basement to each of the floors above
He says the property is in a very strong location in Howick’s town centre at northern end of Wellington Street close to the intersection with Picton Street, the main retail shopping strip.
“This part of Wellington Street is very busy as it forms the link road with Fencible Drive around the Howick shopping centre and provides access to the many commercial businesses and residential apartments located on these two roads.
“There is a variety of retail, commercial and residential properties close by. Directly across the road is a relatively new mixed use development, The Terraces, which incorporates a range of retail shops, a gymnasium, swim school and the Monterey movie theatre with 34 residential apartments and town houses above. Adjacent to this is a medical centre and commercial offices.
“This location is key to the supply of services to Howick and its surrounding affluent residential areas which is why Westpac Bank has been in this location for the past 30 years,” Pittaway says.
Mark Pittaway of Bayleys Auckland office.