Listed tenant anchors prime Whangārei site

A significant industrial property in Whangārei’s central business district is being offered to the market, presenting investors with a rewarding opportunity to secure long-term income from an NZX-listed tenant while controlling a prominent site with future flexibility.

Bayleys commercial and industrial sales and leasing director, Matt Mimmack, together with colleague Nigel Ingham, is marketing the 8,027sqm (more or less) freehold site at 1 Maunu Road and 2-16 Walton Street for sale by deadline, closing at 4pm on Thursday, 12th March 2026 (unless sold prior).

Fully leased to listed company Turners Group New Zealand under a new 10-year agreement, the property returns $427,599 per annum plus GST and outgoings, with fixed annual rental increases and scheduled market reviews providing clear income progression over the term.

Mimmack says that occupying a high-profile corner position within the ‘Avenues’ area – an inner suburban precinct bridging residential neighbourhoods and the city centre – the asset comprises approximately 1,439sqm of improvements on a large multi-titled landholding.

“The offering aligns with growing investor interest in defensive assets – where stable tenant covenants, reliable commercial activity, and strategic locations combine to deliver resilient performance across economic cycles.

“Capital is enquiring after dependable income and value, particularly in regional centres. Whangārei’s role as Northland’s primary commercial hub, coupled with limited availability of large, well-located sites, is driving sustained demand for assets of this calibre.”

Turners has occupied the site for seven years and has invested in improvements to support efficient operations, reflecting the strategic importance of the location within its national network.

The company’s status as a listed entity further strengthens the covenant profile, providing confidence in long-term occupancy.

Bayleys in the North’s commercial director, Nigel Ingham, says the subject property’s scale and configuration underpin its future potential. “Multiple titles offer flexibility for staged development, subdivision or alternative uses over time, subject to planning provisions, while the Commercial zoning supports a broad range of activities requiring prominent exposure and accessible locations.”

“Large, freehold sites with extensive frontage in central Whangārei are tightly held,” he adds. “The combination of land area, visibility, and zoning creates genuine versatility – whether retained as a long-term income play or repositioned as the surrounding area evolves.”

Maunu Road forms one of the city’s primary arterial routes, linking residential catchments to the CBD and State Highway 1. The corner position ensures strong exposure to passing traffic, a critical attribute for trade-oriented businesses and customer-facing operations.

Regional centres, including Whangārei, are also benefitting from population growth, infrastructure investment and business decentralisation trends, reinforcing the importance of established commercial nodes north of Auckland.

Ingham says in this context, properties secured by nationally recognised tenants on prominent sites are viewed as relatively insulated from the volatility that’s affected more speculative asset classes.

“Investors are prioritising assets that perform consistently while retaining long-term flexibility. Here, income is underwritten by a proven occupier, while the landholding itself offers scope for future intensification or redevelopment as the city expands.”

With renewal rights extending potential tenure through to 2051, the lease structure provides long-term continuity, while built-in annual increases ensure income growth without reliance on market resets alone.

The brokers say opportunities combining a listed tenant, substantial landholding and strategic positioning rarely reach the market. “For investors seeking secure cashflow today, with meaningful upside tomorrow, this asset represents a compelling balance of stability, scale and future potential.”