NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Property

Character building to bank on

NZ Herald
31 Aug, 2012 05:30 PM3 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

The ASB character building for sale at Great North Rd, Pt Chev.

The ASB character building for sale at Great North Rd, Pt Chev.

Affordable property on high-profile site should appeal to smaller investors.

A neo-classical 1930s ASB Bank building, in the heart of the Pt Chevalier shopping area is being offered for sale as an investment property with a long term lease in place to the bank.

The high-profile character building at 1210 Great North Rd, was one of a number of ASB buildings commissioned at the beginning of last century and was designed by Auckland architect Daniel Boys Patterson, whose landmark properties are still standing all around the country.

Scott Kirk, Bayleys Auckland city fringe manager, says the building features large amounts of decorative architectural elements from the period such as decorative ceilings, cornices and arches.

The property is in Bayleys' latest Total Property portfolio and is being sold by tender closing on September 25 unless it sells prior to that date.

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.

It is being sold by the charitable trust Communicare CMA, a multi-cultural organisation which has Friendship Centres throughout Auckland for elderly, lonely or disabled people. Kirk, who is marketing the property with James Were, also of Bayleys Auckland office, says the trust is divesting of the bank property to channel funds into their core operation.

The Pt Chevalier ASB has 153 sq m of net lettable area with 96 square metres of high stud retail banking space at the front and 57 square metres of offices and amenities at the rear of the building, an area thought to have been added at a later date.

ASB's nine-year lease from 1991 includes eight three-year rights of renewal with a final expiry date of 2024, if all are exercised. The lease is producing net annual rental income of $35,242.

Advertisement
Advertise with NZME.

Kirk says the property will appeal to smaller investors because it is in the affordable price bracket for family trusts or individuals, but has future redevelopment appeal.

"The building covers less than a third of the 520 sq m freehold site, which currently provides a generous 10 on-site parking spaces with dual access from the front and rear of the site. With current zoning allowing a maximum four to one floor ratio, the site could be built on more intensively once the ASB lease runs out," he says.

"This is a stunning landmark character building with strong main road profile and a long lease to a blue chip tenant," Kirk says.

"There is future potential for investors to increase the return on the property, with the current rental at only $229 per sq m. A new owner could also look to strengthen the lease covenant by extending ASB's term beyond their current three-year commitment, perhaps in conjunction with a seismic upgrading of the building which is likely to be required in the future. Owner occupiers may also consider a future use for retail or showroom or office accommodation using the excellent car parking ratios and main road profile."

Discover more

Property

Fruitful search for a full site in Remuera

31 Aug 05:30 PM
Property

Tasty food retail sites on auction menu

31 Aug 05:30 PM
Property

Testing station could be moving on up

31 Aug 05:30 PM
Property

Ray White team moves and grows

31 Aug 05:30 PM

Kirk sold another Daniel Patterson designed former ASB property in Jervois Rd, Ponsonby earlier this year, with vacant possession, for $1,810,000. This two storey building is more than twice the size of the Pt Chevalier premises but on a smaller site.

Kirk says the Pt Chevalier shopping precinct is popular with tenants and investors because of its exposure to high traffic flows, good residential population base and relatively close proximity to Auckland's central city.

At Bayleys last Total Property auction, a two-level building on a 500 sq m site at 1196 Great North Rd, with its ground floor leased to Lab Tests and a cafe plus a flat above, sold for $1,055,000 at a 5.9 per cent yield.

Save

    Share this article

Latest from Property

Property

House with holes in the ceiling could be the cheapest on rich-lister street

Property

Villa on Auckland's Medical Mile sells for more than $4m

Premium
Property

'Extremely rare move' – consultant has developer put into receivership


Sponsored

Tired of missing out on getting to global summits to help grow your business?

Advertisement
Advertise with NZME.

Latest from Property

House with holes in the ceiling could be the cheapest on rich-lister street
Property

House with holes in the ceiling could be the cheapest on rich-lister street

Deceased estate goes to auction with $2.35m CV.

14 Jul 08:07 AM
Villa on Auckland's Medical Mile sells for more than $4m
Property

Villa on Auckland's Medical Mile sells for more than $4m

14 Jul 07:04 AM
Premium
Premium
'Extremely rare move' – consultant has developer put into receivership
Property

'Extremely rare move' – consultant has developer put into receivership

13 Jul 11:00 PM


Tired of missing out on getting to global summits to help grow your business?
Sponsored

Tired of missing out on getting to global summits to help grow your business?

14 Jul 04:48 AM
NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP