Whangārei CBD investment heads to auction

A prominent multi-tenanted commercial building anchored by Tank Juice is for sale for the first time in over 40 years, promising buyers a fruitful investment in Whangārei’s CBD.

Prominent corner property with diverse tenants

The two-storey property sits at the corner of Cameron and Rathbone streets with excellent exposure to pedestrian and vehicle traffic. Alongside national juice chain Tank, its diverse tenants include a dessert eatery, a mobile phone repair shop, a chartered accountant’s practice, and stores showcasing work by local artist Jo May and photographer Alan Squires.

Annualised net income of $156,876

Together, the leases generate an estimated annualised net income of $156,876 plus GST, with significant potential to grow returns over time.

First sale in more than 40 years

After being held by the same family since 1982, the freehold land and building at 16-18 Cameron Street are set to go under the hammer at an auction on Wednesday 9 December (unless sold prior).

The sale is being marketed by Nigel Ingham and Daniel Sloper of Bayleys Whangārei.

Two-storey building on City Centre-zoned land

The approximately 570-square-metre building sits on some 293 square metres of City Centre-zoned land.

Vacant office space offers rental upside

Ingham says the ground floor contains four commercial tenancies, including the Tank outlet, with extensive combined frontage to Cameron and Rathbone streets.

“The first floor provides office accommodation, with a mix of occupied and vacant space offering potential to increase rental returns.

“The building has benefited from significant capital improvements in recent years, including a new roof in 2020 and subsequent canopy roofing and improvement works, reflecting ongoing investment in the property.

“For new owners, this prime CBD address offers the security of established, diversified income from multiple commercial tenancies – with the potential to boost returns through leasing vacant space, rental reviews, and exploring flexible tenancy opportunities,” says Ingham

City Centre zoning supports future flexibility

The Cameron Street site sits within the City Centre zone under Whāngarei’s district plan. This encourages economic and residential growth in the CBD and seeks to consolidate its status as a core hub for commercial, retail and entertainment activities.

Central Whangārei location supports tenant demand

Sloper says the property and its diverse commercial tenants benefit from the highly visible corner position close to the Cameron Street retail precinct, surrounded by major banks, national retailers, cafes, professional services, and public parking.

“Businesses here enjoy excellent visibility and easy access across the city centre and Town Basin area, with its wealth of shopping, hospitality offerings, visitor attractions and civic amenities. State Highway 1 and Whangārei Airport are also close at hand, supporting convenient connections across Northland and beyond.

“Ongoing investment in Whangārei’s central city promises opportunities for future growth, including potential demand for first-floor residential living.

“The proposed relocation of tertiary educator NorthTec into the city centre could increase student and staff activity, further supporting demand for local businesses and accommodation across the inner city,” Sloper says.