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News Release

Whangarei

Fully leased, five-level office/retail opportunity in prominent CBD location

JLL and NAI Harcourts are marketing 33 – 35 Robert Street, Whangarei


 

 

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​A centrally located building consisting of ground floor retail and four levels of office is for sale in Whangarei.

The freehold building, sits on a prominent 718sqm corner site on Robert Street, which intersects with James Street in Whangarei's CBD. The property is being marketed by JLL in conjunction with NAI Harcourts, through an expressions of interest campaign closing 4pm Wednesday, 13 June 2018.

JLL agent John Binning says, "This building is centrally positioned with the tenants saying it is arguably the best location in the city, especially considering it has three major car parks within 200 metres of the site. The premises are fully leased with a total floor area of is approximately 3,556sqm, of which 2508sqm is lettable space. The property also has 17 basement carparks.

"Even through difficult times, this is one property that has consistently enjoyed high occupancy with a current passing income of $425,000 per annum and weighted average lease term of 2.7 years. The owner has ensured the property is well maintained, having recently upgraded the first three floors," adds Binning.

Built in 1973, the property's annual operating expenses are fairly consistent at approximately $30 - $37 per sqm. Each level of the building has air conditioning, toilet facilities, shared lunchrooms and access to stairwells and lift. The entire ground floor retail unit is occupied by Harcourts, with road frontage of approximately 28 metres to Robert Street and 25 metres to James Street. The first floor is tenanted by two related tenancies and the remaining three levels are occupied by a mix of tenants.

"Due to the good spread of tenants in the building, the risk associated with the loss of a tenant is minimal, compared to other properties with only one or two occupiers," says Binning.

Like Auckland, Northland has experienced a significant rise in population over the past five years. Whangarei being the main centre for the region, has increased from 76,995 in 2013 to 84,400 in 2015, and in June 2017 the population had increased further to 86,700.

NAI Harcourts agent Peter Peeters says, "The growing population has bought about a sharp increase in demand from tenants seeking smaller to medium size office and retail space, a real strength of this particular property. Investment returns in Whangarei remain strong with cap rates running at a seven to eight percent average on strong property.

"This is a fantastic opportunity to acquire a high performing CBD office asset," adds Peeters.