The land and buildings of a highly visible hospitality business in Opua in the Bay of Islands are being presented to the market for sale offering prospective purchasers the opportunity to acquire an asset with an established tenant.
Located at 11 Waimangaro Road, the property has over 100m of frontage to State Highway 11. There is 659sqm of total building area on a 4337sqm landholding.
The freehold property is home to the RoadRunner Tavern, a longstanding local bar, and a Super Liquor retail outlet, which is the only liquor store in Opua and is part of a nationally recognised franchise network.
Both businesses, along with a residential unit at the property, are held under a single commercial lease, providing a streamlined and secure tenancy structure for investors.
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The tenant’s current 10-year lease runs until August 2031 and there are four rights of renewal available for five years each leading to a final expiry of August 1, 2051. The lease agreement includes five-yearly market rent reviews with the next one scheduled for August 2026. There are also CPI increases every two years. The current total net annual rental income from the property is $88,736 plus GST.
The property is zoned Commercial under the Far North District Plan. It is only 5km from Paihia’s town centre, which is about 60km north of Whangārei.
Colliers brokers Gawan Bakshi and Megan McGregor have been exclusively appointed to market the property for sale via auction to be held at Colliers Whangārei, Level 1, 211 Port Road, Whangārei on October 20.
The two-storey property offers convenient storage space, indoor and outdoor areas for patrons of the RoadRunner Tavern, and ample car parking. The directors of the property also own Super Liquor in Paihia, reinforcing their presence in the local hospitality sector.
Bakshi, associate director of investment sales at Colliers, says this property is an attractive passive investment opportunity that generates a steady rental stream.
“With an established operator in place who is committed to a long-term lease there is also potential to grow the rental income through future reviews,” Bakshi says.
“This property presents buyers with a dual income stream through the tavern and neighbouring liquor store that is part of a highly recognisable national network.”
Opua is often referred to as the “Gateway to the Bay of Islands” and is a popular seaside location that is renowned for its sailing. Travellers can catch the car ferry from Opua to reach Russell.
Visitors and locals can take advantage of the beautiful surroundings to explore the rain forests of the Harrison Scenic Reserve or coastal walkways that connect to Paihia and further afield.
McGregor, director at Colliers Whangārei, says Northland is a province that offers visitors memorable scenery and tourism experiences.
“With its warm climate and broad range of lifestyle activities, the Bay of Islands has long been a popular destination for local and international travellers. Opua, which is about three hours north of Auckland, is notable for being the first port for overseas yachts arriving in the country after crossing the Pacific Ocean,” McGregor says.
“Data from Infometrics notes a slight boost in tourism spending across Northland for the year ending June 2025 as total expenditure rose to just over $1.2 billion, which is encouraging for local operators.”
Supplied by Colliers
