Westpac Bank’s Masterton branch. PHOTO/SUPPLIED
The building tenanted by Masterton’s Westpac branch is up for sale – but the bank is staying put.
It’s the first time the Queen St property has been on the market since it was built in 2008.
The building is tenanted by Westpac who have three rights of renewal of six years each, the first of which will only expire in 2023.
Masterton branch manager Treen Edmonds said Westpac had recently renewed its lease. It had no plans to change their presence in Wairarapa.
The property has an annual rental return of more than $110,000.
Rent reviews are conducted every three years, with the next review due next year on December 1.
The building is being marketed by joint sole agents Mike Laven of Colliers International and David McHattie of LJ Hooker.
Laven said the core of Masterton CBD had moved in recent years and the Westpac building was now considered to be in the prime retail area.
“Masterton is a thriving regional centre and the local investment market is buoyant,” he said.
“This has been highlighted by the $10 million upgrade of the adjacent Countdown Supermarket. The remodelled store and additional car parking are generating more vehicle and pedestrian traffic in the area.”
He said other commercial buildings had sold well, including those occupied by Burger King, and Pita Pit/Domino’s Pizza in Chapel St – the latter which sold for more than $1 million.
The Westpac building is for sale by tender which will close on June 6 at 2pm.