A portfolio of properties in the heart of Russell in the Bay of Islands is available for purchase, giving buyers the chance to secure a stake in one of New Zealand’s most desirable lifestyle destinations.
Properties in picturesque Russell are rarely traded, meaning investors and occupiers will be drawn to this offering.
The diverse mix of properties within the portfolio includes tourist accommodation, retail units, and residential homes.
* Seaport Village, located at 2-10 Chapel Street, offers a collection of boutique apartments and suites with a proven history of excellent occupancy.
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* Traders Mall sits at 3 York Street and this prime retail investment has a broad array of tenants, including a popular restaurant and bookshop.
* The mixed-use commercial property at 15A York Street features a liquor store, restaurant, and a five-bedroom holiday let, offering versatile investment potential with a strong income stream.
* 6 and 8 Church Street has two homes on one freehold title providing a residential living, or home and income opportunity.
The properties, which are being sold on behalf of the estate of the late Dr Jack Phillips, can be purchased individually or in one line.
Dr Phillips, originally from California, was a dentist and property developer who had a love of real estate and wine. He also owned property in Gore, Mataura, and Queenstown and is fondly remembered for his good heart and strong community spirit.
Russell is approximately 90 minutes from Whangārei and just over three-and-a-half hours from central Auckland.
Russell School is only a few hundred metres from the subject properties that also benefit from their proximity to the waterfront and Russell Wharf. Bay of Islands Airport is 38km away.
Colliers Directors Megan McGregor and Jimmy O’Brien have been exclusively appointed to market the properties for sale via deadline private treaty closing at 4pm on Wednesday 21 May, unless sold prior.
Seaport Village offers buyers the chance to purchase a well-maintained accommodation facility that has studio and two-bedroom rooms, as well as a three-bedroom unit known as Remuera House.
The property generated $324,163 in gross annual income in 2024.
The current property manager is keen to continue, however with no management agreement in place both the property and the business are available to purchase.
Traders Mall is an outstanding split-risk investment opportunity that has nine commercial tenancies and a two-bedroom apartment.
Some of the tenancies include a Thai restaurant, beauty spa, bookshop, bakery, and physiotherapy clinic, among others.
The leases of the tenants are a mixture of long-term agreements and short-term arrangements. The total annual rental income is $120,831 plus GST and operating expenses.
McGregor, Director at Colliers Whangārei, says there is also scope to grow the rental income at Traders Mall given one tenancy is currently vacant.
“This highly visible asset benefits from its standout location and diverse income stream. Many of the tenants are established businesses that are popular with locals and visitors to the area,” McGregor says.
“The property also has a new roof that was installed in 2023 and is only moments from Russell’s main attractions.”
The mixed-use offering at 15A York Street has an Indian restaurant, real estate firm, and a liquor store with a self-contained five-bedroom apartment above making up its tenancy mix.
The property generated $111,427 plus GST in turnover in the 2024 calendar year. It also hosts the markets at Russell on Saturdays.
Sitting on a 764sq m mixed-use land parcel, 6 Church Street is an 82sq m two-bedroom home that was relocated to the property in 2003 and the studio at 8 Church Street has 32sq m of floor area.
O’Brien, Director at Colliers Auckland North, says the two residential homes offer buyers multiple options.
“Both properties are currently rented meaning there is existing income for the new owner while they plan their future moves, which may include living at the dwellings or continuing to tenant them,” O’Brien says.
“This outstanding portfolio of assets gives prospective purchasers a lot of options and seldom are opportunities of this calibre in Russell presented to the open market.”
- Supplied by Colliers
