A refurbished office investment in Whangārei’s established professional precinct offers purchasers the ability to combine Crown-backed income with leasing, occupation or mixed-use potential, Bayleys brokers say.
Bayleys Commercial in the North director Nigel Ingham, together with colleague Daniel Sloper, is marketing the freehold property at 6 Vinery Lane for sale with an asking price of $2.55 million plus GST (if any).
The property occupies a 684sqm site and provides approximately 474sqm of office accommodation across two independently accessed levels, together with seven on-site car parks.
It currently generates a net income of $134,240 plus GST per annum from the Ministry of Education and consulting engineering firm Wilton Joubert, with a weighted average lease expiry (WALT) of approximately 4.5 years.
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A further 138sqm on the lower level is vacant. It includes two dedicated car parks and a private, approximately 130sqm courtyard, providing scope to establish an owner-occupier base or secure another tenant.
The vacant area has an assessed market rental of $48,670 plus GST per annum, which would lift the total net income to approximately $182,910 plus GST if fully occupied.
Ingham says the property aligns with a shift in investment decision-making, with purchasers placing greater weight on the composition and future flexibility of income rather than treating occupancy as a binary measure.
“Fully leased assets offer immediate income certainty, but they can leave limited scope for an incoming owner to influence performance. Here, most income is already established, while the vacant component provides a defined pathway to increase returns or offset occupancy costs.
“At the asking price, the existing income reflects an initial yield of approximately 5.26 percent. Leasing the vacant accommodation at its assessed market rent would increase this to about 7.17 percent.
“For investors, that creates a transparent value-add proposition: the Crown tenancy supports income during the lease-up period, while the vacant floor provides a defined opportunity to improve the property’s return without requiring further redevelopment.”
The Ministry of Education occupies approximately 245sqm under a six year lease commenced in March 2026, with two further three year renewal rights. Wilton Joubert occupies circa 91sqm under a two-year lease with two further renewal terms.
Bayleys Commercial in the North associate director Daniel Sloper says recent capital expenditure is equally relevant in a market where purchasers are closely examining near-term building costs.
“A major refurbishment and seismic strengthening programme was completed in 2025, including the reconstruction of the upper level and works contributing to an assessed rating of 70 percent of New Building Standard.
“The offices have been comprehensively modernised, while features such as travertine paving, recycled North Queensland hardwood decking and landscaped outdoor areas give the building an identity beyond conventional office accommodation.”
The terraced site provides direct street-level access to both floors, enabling the tenancies to operate independently. Its mixed-use zoning also permits a range of commercial, residential, visitor-accommodation and community activities, subject to normal planning requirements.
Located near the Whangārei CBD, courts, government offices and professional services, the property forms part of an established business cluster serving organisations that value access to clients, civic facilities and complementary expertise.
Sloper says this combination broadens the asset’s relevance beyond a conventional passive investment.
“The opportunity is not dependent on one strategy. A purchaser can retain the existing income and lease the balance, establish premises beneath the tenanted upper floor or investigate a live-work configuration.
“In a more selective investment market, that capacity to separate secure income from future value creation gives the purchaser something increasingly important: control over how the asset performs.”
- Supplied by Bayleys
