Bayleys has been tasked with selling the offices it operates in the Coromandel Peninsula town of Whangamata.
The land and buildings housing Bayleys Whangamata comprises approximately 195-square metres of single-level office space on a flat 317-square metre freehold site in the centre of town.
Bayleys has offices in Tairua, Thames, Whitianga and Whangamata, and recently acquired First National’s franchise in Whangamata to grow its staffing complement and market share in the town.
The freehold generally rectangular landholding and building located at 501A Port Road which house Bayleys Whangamata are now being marketed for sale at auction on September 19 through Bayleys Whitianga.
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The address was originally built many years ago as a bookstore for the vendor’s family business, before being converted and modified into a comfortable commercial office space with reception area, several small meeting rooms, open plan staff workspace, a kitchen/lunchroom area, storage room, and bathroom amenities.
Bayleys Whitianga commercial salesperson Josh Smith said the front of the modern and clean-lined property enjoyed approximately 15-metres of high-profile frontage onto the busy Port Road, which is Whangamata’s main street, while the rear of the property had staff car parking for five vehicles accessed off a service lane and access to the rear portion of the offices.
“Bayleys’ instantly identifiable blue livery and front windows packed full of properties for sale, are well known to Whangamata’s locals along this busy pedestrian and vehicular traffic route,” Smith said.
Bayleys Whangamata is on a current five-year lease on the property, with three further five-year rights of renewal, generating annual rental returns of $48,480 plus GST and operating expenses.
A rent increase comes into effect in October this year, with subsequent ongoing rent reviews every two years.
“The long lease terms associated with 501A Port Road reflect Bayleys’ commitment to servicing the Whangamata real estate market and indeed growing its market share over the foreseeable future,” said Smith.
“Having a tenant marketing for sale the building it occupies is a real reflection of commitment to not only the premises, and the vendor, but also the region.”
The building has a new build standards rating of 70 percent, and is surrounded by a range of food and beverage outlets, health and beauty venues, and traditional retail premises stereotypical of New Zealand provincial towns.
The broader long-term prosperity of Whangamata and its surrounds is highlighted in the Thames-Coromandel Population Projections 2018-2051 report – prepared by economics analysis firm Infometrics for Thames Coromandel District Council.
Infometrics’ demographic analysis and population forecast noted: “A steady population is projected in Whangamata and Thames. Population growth in Whangamata is largely constrained by development capacity.”
Smith said commercial real estate along Port Road was tightly held, and rarely came up for sale.
The location at 501A Port Road was a totally ‘hands-off’ investment.
Whangamata has a permanent resident population of some 4,500 permanent inhabitants, which swells to around 70,000 people over the Christmas/New Year holiday period.
Smith said that while the Coromandel region had endured some unprecedented challenges as a result of the destructive weather events in 2023, Whangamata’s economy had remained generally resilient as the result of roading access remaining open.
“Whangamata’s economic activity is recovering from previous challenging summers dating back to the Covid era when travel to the destination was restricted for many visitors.
"However, a highly pro-active local tourism sector has united to reinvigorate visitor numbers – showcased for example by the crowd pulling Beach Hop hot rod and classic car show in addition to traditional beach and marine activities such as fishing, surfing, and diving,” he said.
- Supplied by Bayleys
