A prominent mixed-use property in the heart of Whangārei’s Central Business District is offered to the market with an asking price of $2,200,000 plus GST (if any), providing investors with a rare chance to secure a high-performing regional asset as confidence returns to Northland’s property sector.
Bayleys in the North Commercial director Nigel Ingham is marketing the 402sqm (more or less) freehold site alongside colleague Daniel Sloper.
Ingham says the property is strategically positioned at the intersection of Bank, Vine and Walter Street, generating a diverse income from six tenancies.
“With business sentiment improving as interest rates continue to decline, investor interest in properties beyond main centres is gaining momentum.
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"The subject property presents a rare combination of high visibility, solid tenancies, and long-term upside in one of Northland’s key commercial hubs – a compelling mix of stability and future growth potential.”
The two-level, character building spans 820sqm (more or less) and returns $178,220 per annum from two commercial tenancies and four fully leased apartments above.
The Co-operative Bank and a well-known bar and restaurant occupy the ground floor, contributing $94,500 net pa, while the residential units – compliant with Healthy Homes standards – generate a further $83,720 gross annually.
Anchor tenant The Co-operative Bank occupies nearly 190sqm (more or less) with a three-year lease to August 2026, plus three renewal rights of three years each, while the pub has a recently commenced three-year lease to February 2027 and two renewal rights of three years each. The apartments are occupied on varying 12-month lease arrangements.
Ingham notes that regional markets like Whangārei present a compelling alternative to major metropolitan areas, where acquisition and ongoing ownership costs, including rates and insurance, are typically higher.
“Coupled with the full return of interest deductibility on residential investment properties and recent policy change favouring the landlord's rights, investing assets with a mixed-use component have become increasingly more attractive,” he adds.
“With infrastructure development and evolving opportunities driving a population push north from Auckland, well-located assets with strong tenant profiles are proving highly resilient.
"This property’s fully leased status, split-risk structure and prime CBD position make it an attractive option for investors, particularly in an improving economic climate.”
Bayleys in the North Commercial broker Daniel Sloper says that with Whangārei serving as the economic hub of Northland, the city is well-positioned to see sustained population growth and increased investment in local infrastructure to meet this demand.
“With Whangārei’s population projected to grow by 45 percent by 2054, demand for well-located commercial and residential assets is set to rise. Meanwhile, declining debt servicing costs suggest that securing this property now could offer long-term financial advantages for the new owner.
“In a market where buyers are looking to mitigate risk while capitalising on growth, the mix of commercial and residential tenancies provides a layer of security against market change.
“With its prime corner position, fully leased status and diversified income, this property offers a rare chance to secure a high-performing asset in a growing regional market. Opportunities like this are scarce in Whangārei, and we expect to field strong interest from investors motivated to acquire assets offering stability, resilience and long-term returns.”
- Supplied by Bayleys
