Chance to change face of Whanga¯rei
A high-profile development site in Whang¯arei 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 St is a 2638sq m flat, freehold site zoned Mixed Use under the Whang¯arei District Plan.
The site is currently used as a carpark, leased to Whang¯arei District Council, but there is a threemonth termination clause in place, which can be activated to kickstart development of the property for the new owner. Net annual rental income from the site is $151,604 plus GST.
With exposure to Carruth, Dent and Reyburn streets, the property offers multiple road frontages. The site has been identified by local authorities as a key location for future development to enhance central Whang¯arei.
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 are marketing the property and are taking expressions of interest with a deadline of 4pm on Thursday 10 November, unless sold prior.
Ingham says the zoning presents buyers with a range of options and the council is extremely keen to have this strategic site developed to activate 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 Whang¯arei.
“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 says this is a highly desirable location. “The Town Basin is a hive of activity in Whang¯arei that attracts visitors nationally and internationally as well as locals.
“Demand for A-grade office space outweighs supply in Whang¯arei. We currently have active requirements for prime office space and the Town Basin is a sought-after location.”
Whang¯arei has undergone significant growth recently and serves as the economic hub of the Northland region. Population increased by 21 per cent between 2011-2021.