A cornerstone of South Auckland’s Waiuku Town Centre, the original 1920s ANZ Bank Building is being offered to the market for sale, capturing the imagination of investors, developers, and owner-occupiers with its blend of structural integrity, holding income, and potential to reimagine a cherished local landmark, Bayleys brokers say.

Bayleys Pukekohe commercial and industrial sales and leasing specialist Mike Hook is marketing the 577sqm (more or less) freehold site at 50 Queen Street for sale by deadline, closing at 1:00 pm on Wednesday, 13th August 2025 (unless sold prior).

Originally constructed in the 1920s as the local ANZ Bank branch, the prominent corner site is held in two titles, with approximately 425sqm of building area across two levels.

The property has been significantly upgraded over the years, including a complete structural enhancement in 1993 that earned it an A+ seismic rating, which Hook says ensures superior safety and future value retention.

The property generates $30,900 plus GST per annum from a lease to ASB Bank for basement-level ATM use through to 2030, with annual rent increases of three percent.

“The main street-level tenancy is vacant, offering scope for investors to secure new tenants or for an owner-occupier to activate the space for retail, hospitality, office, or service-based use.

“The property’s rich history, prime location and underlying zoning – Business Local Centre – present a rare and compelling platform for value creation,” he adds.

“This is undoubtedly a landmark building that tells the story of Waiuku’s past, whilst being ideally positioned for its future. Whether you envision a boutique commercial hub, creative studio collective, or mixed-use hospitality offering, the flexible layout and zoning provide the freedom to shape a vibrant destination.

“Additionally, the premises are unencumbered by formal heritage listing, providing all the charm of a historic asset with fewer development controls, streamlining the path for redevelopment or repurposing.”

Hook says there have been several notable examples nationally of private developers transforming character bank buildings into thriving commercial precincts. “One such development, the former National Bank premises in Waipu, now houses several professional service firms, a yoga studio and creative practices, highlighting the successful adaptation of legacy structures to meet modern demand in growth and visitor locations.”

Waiuku is located at the southern edge of the Auckland region and has proven its resilience through recent market cycles. Bayleys South Auckland’s Tony Chaudhary says it has benefited from relative affordability, attracting a growing population which has transformed the former ‘mill town’ into a burgeoning lifestyle destination.

“Ongoing infrastructure investment across Auckland’s southern corridor, including upgrades to roading networks, rail connectivity, and planned urban growth, further supports long-term confidence in the immediate area.

“The property is a cornerstone to the community, with untapped potential, income in place, and heritage appeal offering a unique, add-value opportunity in a strengthening market.”