Historic building on Palmerston North's 'Golden Mile' for sale

An artist impression of the renovated building at 200 Broadway Avenue, Palmerston North. Photo / Supplied

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.

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

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.

Dave and Kate Looney, of Property Brokers Palmerston North, are marketing the property for sale by tender, closing at 4pm on Friday, November 1, 2019.

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.

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."