A high-profile development site in Whangārei Town Basin will appeal to developers or owner-occupiers who will have the opportunity to acquire a prominent corner location for their next major project.
22 Carruth Street is a 2,638sq m flat, freehold site that is zoned Mixed Use Zone under the Whangārei District Plan.
The site is currently used as a car park and leased to the District Council but there is a three-month termination clause in place, which can be activated to kickstart development of the property for the new owner.
The net annual rental income from the site is $151,604 plus GST.
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With exposure to Carruth Street, Dent Street, and Reyburn Street, the property offers multiple road frontages.
The site has been identified by local authorities as a key location for future development to enhance central Whangārei.
Sitting among a range of amenities, the site enjoys favourable proximity to all the Town Basin has to offer, while the CBD is only moments away.
Colliers Brokers Nigel Ingham and Daniel Sloper have been exclusively appointed to market the property for sale and are taking expressions of interest with a deadline of 4pm on Thursday 10 November, unless sold prior.
Ingham, Director at Colliers Whangārei, says the zoning of this property presents buyers with a range of options and the Council is extremely keen to have this strategic site developed to activate the revitalisation of the CBD.
“The Mixed Use Zone is a favourable land-use zone that offers a blank canvas for a diverse range of uses and commercial activities, including residential activities, commercial services, retail activities, visitor accommodation, and community activities,” Ingham says.
“The zone promotes active street frontages and a range of activities which aim to enhance economic growth and are compatible with residential activities.
“The maximum building height and major structure height is between 16m and 21m above ground level as long as you provide two or more residential units on-site or a through-site link.
"This offers significant flexibility for prospective purchasers who can create a development that will contribute to the cityscape of Whangārei.
“Given there is substantial holding income available for the new owner through the current tenant, buyers will be able to plan their next moves for the site with the support of a steady rental stream.”
Sloper, Commercial Sales and Leasing Broker at Colliers Whangārei, says this is a highly desirable location.
“The Town Basin is a hive of activity in Whangārei that attracts visitors nationally and internationally as well as locals,” Sloper says.
“Demand for A-grade office space outweighs supply in Whangārei. We currently have active requirements for prime office space and the Town Basin is a sought-after location.
“Locally we are seeing a flight to quality trend emerging and the recent refurbishment of Dairy House on Porowini Avenue in Morningside led to strong occupier demand.
"Colliers assisted with the leasing of the property, which is now home to a national brand that is new to Whangārei alongside a government tenant.”
Whangārei has undergone significant growth recently and serves as the economic hub of the Northland region.
“Recent research from Colliers indicates the Whangārei District’s population has experienced strong growth over the past decade, mirroring what has been evident across New Zealand as a whole,” Sloper says.
“The population in the Whangārei District increased by 21 per cent over the 10-year period between 2011 and 2021, which has contributed to increased economic growth.”
To coincide with the increase of the local population, business growth has also been on the rise and the Whangārei District’s business count has increased for eight consecutive years through to 2021.
- Article supplied by Colliers
