New Wanganui city building for sale

12:33 PM Tuesday October 7, 2014 Colin Taylor

New Wanganui city building

Wanganui’s newest central city commercial building at 202 Victoria Avenue in the main shopping precinct has been placed on the market for sale.

The just-completed building is on a high profile corner site among high-end stores and bus retail outlets.

“This building will appeal to a large range of potential investors,” says Karl Cameron of Bayleys Palmerston North who, with colleague Lewis Townshend, is marketing it for sale by auction on October 16.

“There is a severe shortage in Wanganui of good quality investment properties in this price bracket,” Cameron says.

The architecturally designed building was purpose built for a “happy” current tenant New Zealand Automobile Association Incorporated, he says.  

A nine-year lease for $64,250 per year plus GST was signed in July with two four-year rights of renewal. 

“This is a superbly presented property with a first class tenant. The sale of 202 Victoria Avenue represents an opportunity for a buyer to acquire a tenanted building in a prominent location that receives a high volume of vehicle and pedestrian traffic.”

He says the building has been constructed with quality materials and is 100 per cent compliant with the latest seismic building codes. “It is a property that stands out from the crowd.”

The 195 sq m single storey freehold building occupies a 367 sq m section with on-site customer parking.

Cameron says Victoria Avenue in Wanganui is arguably one of the most picturesque main streets in New Zealand combining turn of the century architecture with modern properties.

“Major new retail developments under construction within the precinct will further add to the attraction of shoppers,” he says.

“New premises for Briscoes and Rebel Sport are expected to open soon on the corner of Victoria Ave and Dublin Street. In addition, a new Farmers retail store that is under construction, a planned Z Energy development and a recently completed Co-operative Bank development, all signal confidence in the future of Wanganui.”

Cameron says 202 Victoria Avenue also sits close to Wanganui Port, which is set have its facilities upgraded in a move expected to increase port trade and have a knock-on effect for other city businesses.

“This will create an increasing demand for goods and services in the region and, as a service provider, the AA is sitting in a really good position to benefit from this growing demand,” Cameron says.