Boutique future beckons for historic bank building

The old National Bank building in Invercargill, which is for sale by auction. Photo / Supplied

Built for the National Bank in 1908, a historic building affectionately known to the locals as "the Bank" at 21 The Crescent in Invercargill is to be auctioned by Bayleys on September 18 with inquiries coming in from throughout New Zealand.

Much admired for its imposing presence, the Bank is currently home to a picture framing business and an accountancy practice.

Marketed by David Murray and Phil Hutton of Bayleys Southland, the property is strategically located at Invercargill's much photographed monument intersection on the corner of Dee St, Tay St and The Crescent, with a separate building at 7 Clyde St also forming part of the auction.

"The dominant building is the historic old National Bank and this backs on to an adjacent building, 7 Clyde St, which is vacant at present," Murray says. "Depending on what a new owner decides to use the bank building for in the future, the secondary building could provide car parking or supporting amenities for the main building. However, it would need upgrading if it were to be occupied."

Murray says the Bank property could lend itself to a boutique hotel or restaurant operation longer-term.

"With its historic past, architectural detailing and a prime location on its side, this could be a superb way to preserve the building which is undoubtedly one of Invercargill's finest."

The Bank building has a Historic Places Category 1 rating, meaning that the building is protected while the Clyde St secondary building has a Category 3 rating under which it is "desirable" for the facade to be protected to maintain the streetscape aspect.

"It is in pristine condition and has not been tampered with in terms of the integrity of the original architecture. The soaring internal spaces, ornate ceilings, the original staircase and the old vaults and safes are still there and I am sure that if the architect C.J. Brodrick were still alive, he would be delighted to see his building still remarkably true to his vision," Murray said.

The land area for 21 The Crescent is 381sq m with the three-level plus basement building area totalling 990sq m.

Foto 'N' Frame occupies 251sq m on the ground floor, with an approximately 71sq m ground floor mezzanine and around 117sq m of basement space. Their six-year lease commenced in November 2004 and has two, three-year rights of renewal.

Brookland and Associates Chartered Accountants occupies the first and second floors and has upgraded these areas to a high standard. The lease includes first floor reception and office areas, a second floor area of approximately 275sq m and a small 20sq m basement space. A five-year lease commenced October 2005 with two, five-year rights of renewal.

The property is currently producing total rental income of $48,000 plus GST per annum.