A modern office property, purpose-built on a prominent corner site in central Kaitāia, Northland for the Ministry of Education, is for sale.
The government ministry commissioned Far North Holdings Limited (FNHL), the commercial trading and asset management arm of Far North District Council, to construct the building at the corner of Commerce Street and Redan Road in 2018.
It is on part of a larger site owned by FNHL, with the sale of the office property subject to the subdivision of a 1,533sqm portion of the landholding being completed and a new title issued.
The ministry’s initial 10-year lease commenced January 2019, with further renewal options extending their occupation through to 2037.
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The property returns gross annual income of $141,774 with provision for rental growth through regular CPI and market rent reviews.
The lettable area is 405sqm including decks, with the landscaped site fully fenced. There are 12 car parks, including three spaces for electric car charging.
The Kaitāia office is one of a number of regional Ministry of Education offices in the Te Tai Tokerau, Northland catchment and is the contact point for early learning services, schools, parents, learning support and the wider community.
Gary Lucas and Ben Clare of Bayleys are selling the Commercial-zoned property via deadline private treaty closing Thursday 13th March, unless sold prior.
Lucas says the sale creates opportunity for investors to secure a near-new commercial asset with a sound tenant covenant.
“Kaitāia is a significant service town in the Far North and this is a standout property as much of the other commercial stock in the centre of town is more dated.
“This building meets the ministry's operational and seismic requirements and works well as a service centre for the area. Investors can take confidence from the stable returns and future rental growth through the review mechanisms built into the lease.”
The high-profile corner site on Kaitāia’s main street, also known as the Twin Coast Discovery Highway, has good exposure to passing traffic, underscoring the long-term value of the property and widening its occupier appeal in the future.
“It’s a good-looking, stylish building with great natural light that is well-maintained, has good accessibility for vehicles and pedestrians, is secure and is close to the town’s main commercial hub, retail stores, schools and other amenities.
“Proactive local investors wanting to secure a piece of Kaitāia, or out-of-town buyers with either some longstanding connection to the Far North or simply wanting to expand a property portfolio, are expected to find value in this offering.”
Kaitāia has shown consistent growth in recent years and was named among New Zealand’s 100 “hottest” residential locations in a 2024 OneRoof report. According to the report, Kaitāia rated highly for affordability, price growth, and employment.
- Supplied by Bayleys
