Whangārei property offers unique investment into bar, bank and apartments

The Whangārei property on the corner of Bank and Vine streets offers historic charm along with stable income.

A character property in the heart of Whangārei central business district is offering a chance to invest in a new bar and restaurant, a bank and four first-floor residential apartments.

The freehold site on the corner of Bank and Vine streets is offered for sale by deadline, closing 4pm on October 24.

It is fully occupied by a diverse mix of commercial and residential tenants, providing a secure asset, said Bayleys in the North Commercial director Nigel Ingham, who is marketing the property with colleague Daniel Sloper.

“It’s pretty rare for a fully leased, split-risk asset in such a prime location to come to the regional market ... This property stands out as a highly attractive opportunity for those seeking to diversify their portfolios.”

With a 820sq m footprint, the property generates $178,220 a year in rental income, split across two commercial tenants on the ground floor and four residential apartments above.

The Co-operative Bank and new bar and restaurant Beer & Loathing anchor the commercial space, contributing $94,500 a year. The four residential apartments – all compliant with Healthy Homes standards – provide an additional $83,720 a year, ensuring a diversified and stable return under one roof, Ingham said.

The property has also been assessed to meet 75% of current seismic strength requirements, providing assurance it is future-proofed to high compliance standards, he said.

“Additionally, the premises’ historic charm enhances its appeal in a market that values character alongside practical investment benefits,” he said.

Sloper said the property is strategically located in Whangārei’s city centre on a highly visible corner.

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, he said.

“This property is positioned in one of the most desirable parts of Whangārei’s CBD, making it a prime investment opportunity,” Sloper said.

“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.”

Denise Piper is a news reporter for the Northern Advocate, focusing on health and business. She has more than 20 years in journalism and is passionate about covering stories that make a difference.