A prominent corner property at the heart of Whangārei’s central business district, fully occupied by a diverse mix of commercial and residential tenants, has been brought to the market, presenting a rare opportunity for investors seeking a secure, split-risk asset in the Northland city.
Bayleys in the North Commercial director Nigel Ingham is marketing the 402sqm (more or less) freehold site on the corner of Bank and Vine Street alongside colleague Daniel Sloper.
The property features in Bayleys’ latest Total Property portfolio and is offered for sale by deadline, closing at 4:00 pm on Thursday, 24th October 2024 (unless sold prior).
“The Business – City Centre zoned asset offers an exceptional investment proposition for buyers looking to secure a character building in a high-profile location, with the added benefit of an immediate income stream from six tenancies,” Ingham says.
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“It’s pretty rare for a fully leased, split-risk asset in such a prime location to come to the regional market. With recent volatility prompting investors to refocus on assets that combine strong tenant covenants and high-growth potential, this property stands out as a highly attractive opportunity for those seeking to diversify their portfolios.”
With a footprint of some 820sqm, the property generates a total rent of $178,220 pa, split across two commercial tenants on the ground floor and four residential apartments above.
The Co-operative Bank and a popular local bar and restaurant anchor the commercial space, contributing $94,500 net pa. The four residential apartments – all compliant with Healthy Homes standards – provide an additional $83,720 gross annual income, ensuring a diversified and stable return.
Ingham says the property’s 75 percent seismic assessment (Grabe B) provides investors, tenants, and lenders peace of mind that the property is future-proofed to high compliance standards.
“Additionally, the premises’ historic charm enhances its appeal in a market that values character alongside practical investment benefits. Investors will appreciate the long-term security of having strong commercial tenants and well-maintained residential units under the same roof.”
Strategically located in Whangārei’s city centre, the property benefits from its position on a highly visible corner site, attracting significant foot traffic and offering easy access to a range of amenities, including retail, dining and professional services.
Bayleys in the North Commercial broker Daniel Sloper says that with Whangārei serving as the economic hub of Northland and experiencing ongoing population and infrastructure growth, demand for well-located mixed-use assets is on the rise.
“This property is positioned in one of the most desirable parts of Whangārei’s CBD, making it a prime investment opportunity. Northland benefits from the scope for growth, and it continues to develop as a region supporting the value of assets like this, which offer stability and appreciation potential for investors.
“In a market where buyers are looking to mitigate risk while capitalising on growth, the mix of commercial and residential tenancies provides an additional security layer. The diverse tenant's profile ensures that income is not reliant on a single source, providing resilience in varying economic conditions.
“The high-profile nature of the property, coupled with its fully leased status and diverse income streams, makes it an ideal option for investors keyed into the benefits of long-term stability and consistent returns. We anticipate strong interest given the scarcity of comparable properties in the Whangārei market.”
- Supplied by Bayleys
