Multi-tenant security in regional hub

A substantial multi-tenanted commercial holding at the heart of the Central North Island is being brought to market, offering investors a rare combination of diversified income, long lease commitments from nationally recognised occupiers, and future add-value potential in a tightly held regional hub.

Bayleys Whanganui broker Amie Rowan is marketing the freehold land parcel at 16-18 Goldfinch Street, and 28-30 Ayr Street in Ohakune for sale by deadline, closing at 1:00 pm on Friday 13th March (unless sold prior).

Positioned on a high-profile corner within the township’s primary commercial strip, the premises are offered as a tenanted investment returning a combined net income of $189,392 per annum plus GST, supplemented by management and maintenance recoveries.

Comprising approximately 581sqm of floor area on a 3,033sqm landholding across three titles, the property benefits from Commercial zoning under the Ruapehu District Plan and extensive on-site parking for 67 vehicles – a scale of land and parking provision that is increasingly difficult to replicate in established town centres.

Rowan says the income is underpinned by 11 separate tenancies, including a strong roster of national and government covenants, including a New World supermarket, the Ministry of Social Development (MSD), Westpac Bank, New Zealand Post, Bayleys Real Estate and Cheal Consultants, a multidisciplinary engineering and surveying firm with six branches nationwide, alongside a range of established local businesses that collectively anchor the town’s day-to-day activity.

“Longer-dated commitments provide visibility around cashflow, notably a 12-year lease to the supermarket tenant through to 2035, while staggered expiries across the remaining tenancies distribute leasing risk and create opportunities to reposition rents over time.

“The building carries a seismic assessment of 74 percent of New Building Standard (NBS). In a provincial centre such as Ohakune, that level of compliance can be rare. Many older commercial buildings fall below government occupancy thresholds, which has limited options for agencies operating under strict seismic policies.

“The strength of this building’s NBS rating has been instrumental in attracting and retaining government tenants, who simply have few compliant alternatives locally. For occupiers bound by national seismic standards, this scarcity of compliant space materially enhances tenant retention and income security.”

Rowan says Ohakune occupies a strategic position on State Highway 49 at the southern gateway to Tongariro National Park, serving as the principal service centre for a wide catchment spanning Taupō, Whanganui and Taihape.

“The town functions as a year-round base for tourism, supporting winter skiing on Mount Ruapehu and summer activities including mountain biking, hiking and the Tongariro Alpine Crossing.

“That dual-season economy has historically provided resilience compared with single-industry rural towns, sustaining demand for essential services including banking, postal operations, government agencies and professional services – all reflected in the subject property’s tenant mix.”

Rowan adds that investors are increasingly reassessing regional commercial assets as relative value as metropolitan markets tighten and interest-rate volatility moderates.

“Properties that combine dependable income, strong land fundamentals and essential-service tenants are attracting attention from private investors, family offices and syndicators seeking portfolio diversification beyond New Zealand’s main centres.

“The site’s size and corner configuration also introduce longer-term flexibility. Multiple tiles and a predominantly north-facing aspect create scope for future redevelopment, intensification or complementary uses, subject to council approval, while surplus land offers the potential for seasonal income streams linked to visitor demand.

“In an environment where construction costs remain elevated and new supply in smaller centres is limited, existing assets with embedded occupancy and expansion potential carry increasing strategic value.

“For investors seeking an established foothold in a key Central Plateau location – with income security and future flexibility – the Ohakune landholding represents a compelling opportunity to acquire a genuine town-centre cornerstone asset with diversified revenue and enduring relevance.”