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Historic Palmerston North building for sale

Contributor:
Fuseworks Media
Fuseworks Media

A historic building on Palmerston North CBD's "Golden Mile" has been transformed into a modern, sustainable commercial space and is now for sale as a fully tenanted investment opportunity.

The building originally housed the Manawatu Times newspaper before being bought by the Palmerston North RSA in 1965 and opened as the RSA's new clubrooms in December 1966. They remained at 200 Broadway Avenue until local company, Vining Group, bought it at an auction in 2013.

The existing building has been redeveloped, strengthened and rebuilt to a very high standard, while a new building has been added to create a purpose-built facility for three clients. It is up for sale through tender by Property Brokers Palmerston North.

Vining Group co-director Sheridan Vining said that while he loved the site, his company had simply outgrown it and was now moving to the outskirts of Palmerston North.

"This property is in the heart of the CBD and is a purpose-built office facility and clinic rooms for three quality tenants. The design and fitout specifications have allowed us to create a really good quality build," says Sheridan.

"It is also in a vibrant part of town with good cafes, which will make it attractive to the 170 employees expected to work there."

All three tenants have a 10-year lease, starting from December 2019, and the new building has been built to 100% earthquake code, while the existing building is at the minimum of 85%.

The new build consists of about 1,100 sqm, while the original building, which has been modernised using the latest technology, has about 982 sqm. Its location in the centre of town means that parking is at premium so the sale includes the neighbouring property, 591 Main Street, which will provide most of the carparking for 200 Broadway Avenue.

Tenders close at 4pm on Friday, November 1, 2019 and offers can be made through the exclusive agents, Dave and Kate Looney of Property Brokers.

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