Sitting proudly on a highly visible corner site, a two-storey building in central Whangarei is being presented to the market for sale offering prospective purchasers the opportunity to secure an asset with multiple income streams.
5 Vine Street is on the corner of Vine Street and Bank Street and offers significant exposure to a busy intersection.
The freehold property is zoned City Centre Zone under the Whangarei District Plan.
The building includes four fully tenanted residential units on the upper floor that range in size from 72sq m to 112sq m.
Start your property search
The ground floor is home to a branch of The Co-operative Bank and popular local pub The Irish Wolf.
The large historical property enjoys a dominant footprint in the Whangarei CBD.
Two of the residential units have recently undertaken a rent review and from January 2023 the total annual rental income from the property will be $165,320 plus GST.
Located in the heart of the city, the property offers favourable access to a range of amenities providing convenience for occupants.
The building has a 75 per cent NBS rating.
Colliers Brokers Daniel Sloper and Nigel Ingham have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Thursday 1 December, unless sold prior.
The split-risk nature of the property is underpinned by the diverse tenancy mix with the commercial occupants signed to long-term leases.
The Co-operative Bank’s current three-year lease began in September 2020 and offers five further rights of renewal for three years each leading to a final expiry of August 2038.
They have been operating from this property since 2008 when they were known as the Public Service Investment Society and their lease agreement provides $45,000 plus GST in annual rental income.
The Irish Wolf recently agreed to a new four-year lease that begins in December and provides one further right of renewal for four years leading to a final expiry of December 2030.
Their agreement provides $48,200 plus GST per annum in rental income and market rent reviews will be held every two years.
Sloper, Commercial Sales and Leasing Broker at Colliers Whang?rei, says the tenancy profile makes this a highly appealing purchasing opportunity.
“With a favourable tenancy mix and commercial occupants that are signed to long-term leases, the property will be keenly sought among buyers,” Sloper says.
“The built-in rental growth through the market reviews with one of the commercial leases adds further appeal and strengthens the tenant covenant.”
Ingham, Director at Colliers Whangarei, says the central location of the property means it generates high foot traffic volumes and is seen by a number of passing vehicles.
“The highly visible site has extensive road frontage and enjoys vast exposure,” Ingham says.
“The corner of Bank and Vine Street is a high-profile location, with large quantities of people entering the Whangarei CBD via streets such as Mauau Road, Central Avenue, and Rust Avenue, which can all ultimately end up at the junction the property is located on.
“Given the strong tenancy mix and sought-after location of this property we expect there will be extensive interest among buyers and would encourage all interested parties to contact us immediately.”
- Article supplied by Colliers
