Dannevirke property to bank on

The Westpac branch is in the centre of the Dannevirke business district. Photo / Supplied

The land and building housing the Westpac bank branch in the Southern Hawke's Bay township of Dannevirke is for sale.

The premises at 69 High St (at its corner of Ward St), is in the centre of the town's business district, and features a 693sq m building on 617sq m of freehold land. High St - also known as State Highway 2 - is the town's retail strip. The bank branch is now on a new five year lease running through until 2022 and lease paying $59,000 net, with three further three-year rights of renewal.

The property has a second tenant - Cooly Properties Ltd, which has a one year lease running through until the end of next year, generating an annual rent of $30,000 net.

The property is being marketed for sale at auction on October 25 through Bayleys Hawke's Bay.

It features in Bayleys' latest Total Property portfolio magazine.

Salesperson Rollo Vavasour said the property had a seismic rating of 69 per cent of new build standards and neighbours include a jewellery shop and optometrist. Nearby are The Warehouse, NZ Post and Kiwibank, and the offices of Tararua District Council.

Vavasour says the prominent building is a Dannevirke landmark.

With a population of about 5200 people, Dannevirke is the largest community in the Tararua District and is well serviced with a modern hospital, and three secondary schools.