The land and buildings housing the Whanganui branch of the Ministry of Social Development have been placed on the market for sale.
The property at 153 St Hill St features a 2074sq m office building sitting on 3872sq m of freehold land with 39 car parks.
The building has a 100 per cent rating of New Build Standards.
The Ministry of Social Development (MSD) is the Government agency responsible for providing the administrative framework to support a vast array of social services — ranging from unemployment benefits and student loans through to disability payments and pensions.
The Whanganui branch is one of 200 MSD locations throughout New Zealand.
The single-storey St Hill St property is being marketed for sale at auction on June 28 through Bayleys Palmerston North.
It features in Bayleys' latest Total Property portfolio.
Bayleys Palmerston North salesperson Karl Cameron says the property was purpose-built for the Government agency, which took up occupancy last year.
"The new, low-maintenance building with onsite car parking at the rear of the address is the epitome of prime investment-grade stock. It is the most modern building of its type in Whanganui," Cameron says.
"It ticks all the boxes of being a quality build, with a good tenant in place on a long lease.
"Being only a year old, the building and its supporting workplace infrastructure such as air conditioning, fire alarms and sprinklers, are all in immaculate condition."
St Hill St is one of Whanganui's main central business district's retailing destinations — sustained by a high passing vehicle count and with nearby tenancies including the Wanganui Returned Servicemen's Association, Whanganui District Council, and Whanganui City College. The location is zoned outer commercial under Whanganui Council's district plan.
The Ministry of Social Development is on a lease expiring in 2029 with three further three-year rights of renewal.
It generates net annual rent of $479,981, with regular three-yearly rent reviews.
Cameron says the premises has been designed with functionality as the foremost pre-requisite from the tenant.
"With such a broad customer base visiting the premises on a daily basis, it is relatively easy to understand the demand dynamics for the internal layout of the premises, and for the necessity for the building to be located near the centre of town with a high degree of parking amenities for clientele," Cameron says.
As well as parking at the rear of the premises, St Hill St has substantial parking immediately outside the property.