Profile, profit and character in Whanga¯rei

A two-storey building in central Whang¯arei offers purchasers the opportunity to secure an asset with multiple income streams.

5 Vine St (pictured), on the corner of Vine and Bank streets, offers significant exposure to a busy intersection. The freehold property is zoned City Centre Zone under the Whang¯arei District Plan.

The building includes four fully tenanted residential units on the upper floor that range in size from 72sq m to 112sq m. The ground floor houses a branch of The Co-operative Bank and The Irish Wolf pub.

The large historical property enjoys a dominant footprint in the 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.

The property offers access to a range of amenities and is rated 75 per cent NBS.

Colliers brokers Daniel Sloper and Nigel Ingham are marketing 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 longterm leases.

The 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.

It has been operating from this property since 2008. The 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.

Its agreement provides $48,200 plus GST in annual rental income and market rent reviews will be held every two years.

Sloper says the tenancy profile makes this a highly appealing purchasing opportunity.