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Home / New Zealand

Whangārei property offers unique investment into bar, bank and apartments

Denise Piper
By Denise Piper
Multimedia Journalist·Northern Advocate·
15 Oct, 2024 10:00 PM2 mins to read

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

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.

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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.

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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.

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