Interest Sought From Property Investors As Rural Bank Branch Is Placed On The Market For Sale

The land and building housing the rural branch of one of New Zealand’s big retail banks has been placed on the market for sale – with the potential for converting the premises into new offices.

101 Rora Street

The prominent corner property at 101 Rora Street in the South Waikato township of Te Kuiti is occupied by a branch of the ANZ, which is currently on a lease running through to the end of next year paying annual rental of $33,413 plus GST.

The ANZ group of companies encompasses some of New Zealand's best-known financial brands - including ANZ, OnePath, ANZ Investments, UDC Finance, and ANZ Securities. ANZ is currently one of New Zealand's largest companies based on profit and assets – with the company employing some 9,000 people throughout New Zealand.

The 350-square metre building sitting on some 316 square metres of freehold land in Te Kuiti is now being marketed for sale at auction on April 29 through Bayleys Hamilton. Salesperson Josh Smith said the long-term future of the property lay in reconfiguration its usage to reflect current commercial property market trends in Te Kuiti.

In its current lay-out, the ground floor of 101 Rora Street comprises a large foyer area accessed through floor-to-ceiling glass doors at the top of a wheelchair-friendly concrete ramp with steel safety rail graduating up from the footpath.

Three offices with floor-to-ceiling frosted glass panelling are situated around the periphery of the main foyer area, while customer waiting areas are separated by partitions. The rear of the building is configured into an open-plan staff workspace, while the first-floor mezzanine contains a lunchroom and kitchenette.

The building has a rear entrance off King Street, with a semi-covered parking space for one vehicle. The low-maintenance building is constructed of reinforced concrete columns and beams. Full length windows with aluminium joinery line the majority of the ground floor - providing substantial natural light, with a second row of windows above a suspended ceiling adding to the airy open-plan ambiance of the interior.

“As a relatively modern building with a 100 percent rating of new build standards, on a high-profile corner site on Te Kuiti’s main street, the location and building would obviously suit a professional services company such as an accounting firm, legal practice or medical practitioners’ clinic,” said Smith.

“The structural design of the building – with its high-stud mezzanine height profile, cantilevered footpath covering, and two signage extensions – would also sustain prominent tenant rebranding. As a customer-focused corporate, ANZ currently utilises these external structural assets to highlight its presence.

“Alternatively, the two levels could be reconfigured into a co-working office amenity – which would be a first for Te Kuiti on this scale. This sort of working environment has become a new real estate asset class in its own right following Covid-19’s re-organisation of how people live and work in New Zealand,” said Smith.

“Essentially, such a co-working office fit-out would enable people to have a dedicated professional working space they could run their business from.

“Concurrently, such a reconfiguration of workspace would also allow multiple small-business owners who only require say 60 – 70-square metres of space on a more permanent basis for example, to also operate from the location.

“It also foreseeable that major corporates could look to take advantage of a shared space amenity in a location which would allow their remotely-working employees to service the South Waikato and King Country regions from a dedicated hot-desking office space.”

Smith’s assessment of reconfiguring the Rora Street location under its existing zoning classification is endorsed by Waitomo District Council’s Te Kuiti Town Concept Plan launched in 2019 – which notes that the town’s main hub already has more than enough retail floor space.

“There are 10.1 hectares zoned commercial (in Te Kuiti) at the moment but only four hectares (factoring in the existing large format stores at the western end of the centre) are required out to 2038,” the Te Kuiti Town Concept Plan report stated.

“Based on current demand, Te Kuiti can sustain 9,700m2 of retail gross floor area (GFA). The town currently has double that amount. Some reconciliation of the amount of commercial zoned land in Te Kuiti is required.”

Smith said: “Repurposing the ANZ premises from retail usage to office space certainly aligns its future with the Waitomo District Council’s vision for ensuring the long-term viability of Te Kuiti’s central business district.”

Click here for more information on the listing.

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