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Bayleys premises tick boxes for commercial property investors

The main-street commercial premises housing Bayleys Bay of Islands in one of the sought-after area’s fastest growing towns is about to go under the hammer.

The two-level premises sit prominently on Kerikeri Road, in the heart of the Bay of Islands stronghold of Kerikeri.

Formerly an ANZ bank branch, the premises are fully leased with anchor tenant Bayleys occupying the entire ground floor, and national planning consultancy Barker & Associates and co-working and business hub The Office Today on level one.

The property generates a total net rental return of $179,687 plus outgoings and GST per annum.

Bayleys is New Zealand’s largest full-service, locally owned real estate company, marketing and selling a wide range of property spanning residential, farms and lifestyle blocks, and commercial and industrial property. Bayleys Property Services manages one of the country’s largest commercial and industrial property portfolios.

Bayleys occupies its Kerikeri premises on a current lease that runs through to late 2024, with two further six-year rights of renewal. The lease generates an annual net rental return of $128,220 plus outgoings and GST.

The freehold property at 62 Kerikeri Road, Kerikeri, is being offered for sale through Lia Pauley and Dickie Burman of Bayleys Bay of Islands.

It will go under the hammer at an auction on Wednesday 13 September, and will not be sold prior.

Pauley said the property comprised a standalone building with a leased floor area of approximately 581 square metres on some 1,012 square metres of land, with 18 on-site car parks at the rear.

“Constructed in the 1980s, the property has undergone various refurbishments and offers modern, well-presented premises fit for its high-quality mix of professional tenants.

“It is configured with a main office tenancy of approximately 327 square metres at street level, with further offices of some 180 square metres and 46 square metres on the first floor.

“First-floor tenants have access to shared kitchen and bathroom facilities and there’s plenty of parking for staff and customers behind the building,” said Pauley.

The structure has an Initial Evaluation Procedure seismic rating of 67 percent-plus of new building standard.

“Occupiers also benefit from the site’s prominent main-street frontage in the heart of fast-growing Kerikeri, which offers exposure to busy vehicle and pedestrian traffic in the heart of town,” said Pauley.

Zoned commercial in the Far North District Plan, 62 Kerikeri Road sits at the southern end of Kerikeri Road, a main arterial route leading into the town centre.

The area is home to a rich mix of businesses and amenities spanning retail, hospitality, services, professional offices, major banks and the Far North District Council’s Kerikeri offices.

Situated around 240 kilometres north of Auckland and 80 kilometres north of Whangārei, Kerikeri serves as a gateway to the stunning Bay of Islands region.

Burman said Kerikeri's combination of tourism, commerce, industry and natural beauty made it an attractive and thriving destination for visitors and residents alike.

“The town's commercial and industrial centre is experiencing rapid growth, providing opportunities for employment and attracting significant investments.

“The expansion of horticulture in the area has contributed to this economic growth. As the horticulture industry thrives, it creates jobs and stimulates economic activity in the region.

“Located at the top of Kerikeri's tightly held main street, 62 Kerikeri Road is a high-quality, well-presented property that benefits from being situated in one of the fastest-growing towns in the Bay of Islands. It’s sure to have eyes turning towards Kerikeri among commercial property buyers seeking a quality long-term passive investment,” Burman said.

Click here for more information on the listing.

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