Revamped Westpac branch investment

The freshly refurbished Taupō town centre premises housing a Westpac branch are being marketed as a bankable investment for commercial property buyers.

The two-level property now for sale enjoys strong street presence and frontage on Horomātangi Street where it is exposed to high vehicle and foot traffic in the heart of Taupō’s central retail and office precinct.

The site is fully leased to Westpac Bank, generating a net rental return of $174,000 plus outgoings and GST per annum, with built-in rental growth. The current lease runs through to 2032 with a further three-year right of renewal.

Westpac Taupō serves the key service town for a wide catchment with flourishing geothermal power, agriculture and forestry industries, along with a tourism sector that attracts close to a million national and international visitors a year. The branch is open with experienced bankers on site five days a week, as well as providing a 24/7 deposit and withdrawal lobby.

One of New Zealand’s “big four” banks, Westpac New Zealand is part of the Westpac Banking Corporation, a Sydney-based multinational company ranked 53rd in the “Top 1,000 World Banks” in 2022. As of last year, Westpac had 13 million customers worldwide and employed some 35,000 people.

The freehold land and buildings at 27 Horomātangi Street, Taupō, are being offered to buyers by way of a tender closing on Wednesday 11 March (unless sold prior).

The site is being marketed for sale by Gary Harwood and Lisa Christensen of Bayleys Taupō.

Harwood said the upcoming sale was a rare opportunity to secure a high-quality, hands-off investment anchored by a blue-chip banking tenant in the heart of Taupō’s CBD.

“With a secure long-term lease, strong rental return, and a prime central location, opportunities of this calibre are seldom available in Taupō’s tightly held town centre,” he said.

The approximately 544-square-metre building sits on 384 square metres (more or less) of land, with on-site parking for three vehicles. The building has an Initial Evaluation Procedure seismic rating of 67 percent of new building standard.

“The premises were extensively refurbished in 2025, ensuring a high-quality presentation and minimising near-term capital expenditure for new owners,” Harwood said.

Christensen said the site’s standout street exposure and foot traffic was further enhanced by a pedestrian walkway along the side of the building, connecting Horomātangi Street with Te Heuheu Street.

Further access is available via a service lane to the rear.

“This location is ideally suited for a busy bank branch, being right in the beating heart of Taupō’s thriving CBD.

“Horomātangi Street is one of the town’s most established and sought-after commercial precincts, well known for its mix of prominent national and international brands, professional offices and strong pedestrian activity,” Christensen said.

The Town Centre zone under Taupō’s district plan has a stated objective to foster a compact, efficient and vibrant centre that meets the commercial and social needs of the town and wider district.

Roading and community infrastructure is provided to a high standard designed to allow intensive development, which then provides the long-term ability for landowners to optimise their returns by creating multi-use buildings.