A multi-tenanted convenience retail centre in the popular holiday beach spot of Mangawhai Heads is for sale by auction.
It is fully tenanted by a strong mix of retailers including a well-known fish and chip shop, cafe, sushi shop and three real estate agency offices.
The shops enjoy strong year-round trade from locals, as well as a significant surge in traffic throughout the holiday season.
Euan Stratton of Colliers International says it is a chance to invest in a rapidly expanding coastal town that is superbly located only 80 minutes north of Auckland.
“Commercial properties in Mangawhai are tightly held, and opportunities to own multi-tenanted retail complexes are very rare.
“With the vendor moving on to other projects, this is a chance to invest in one of Northland’s most accessible and popular holiday destinations.
“The property boasts a diverse range of 16 tenants who together return some $251,123 net in split-risk annual rental income.
“The tenants enjoy exceptional trading over the summer and on weekends, when throngs of Aucklanders flock to Mangawhai’s baches and campsites.
“This is underpinned by solid year-round trade from the growing local population, which has increased by more than a third since the previous census.
“The current vendor has invested heavily in the complex to give the new owner a superb opportunity to be involved in one of New Zealand’s best-loved coastal communities.”
Colliers International has been exclusively appointed to market 7 Wood Street, Mangawhai Heads, Kaipara, for sale by auction. It will go under the hammer at 1pm on Wednesday 26 February, unless it is sold earlier.
The property provides 1,082sq m of space across three single-level buildings, situated on a 3,078sq m freehold site.
Jimmy O’Brien of Colliers says the property is well-positioned on the corner of Wood Street and Fagan Place, in the heart of the local shopping centre.
“A bustling hub for both locals and out of towners, Wood Street is located within close walking distance of the retirement village, golf course, estuary and boat ramp.
“The property for sale was developed in the mid-1980s and has since been significantly expanded.
“The original development, which faces the Wood Street frontage, is nestled behind a paved seating area and a number of angle car parks.
“The U-shaped building provides a total internal area of approximately 740sq m, excluding covered verandas. Two covered walkways between the buildings provide access to three tenancies at the rear of this building.
“The tenancies enjoy glazed shop frontages along with an attractive mix of brick and concrete fibre cladding.
“Along the northern boundary is a free-standing 252sq m building with two hospitality offerings, the most recent addition being Brewed Collective cafe.
“The newly appointed pergolas between these two buildings have created a wonderful outdoor dining area with bespoke wooden tables and seats, lush green walls and decorative concrete footpaths.
“On the northeastern boundary lies a smaller standalone building which is currently split into two tenancies and is accessed via a wooden ramp and deck. Directly behind the property lies the council car park.”
The tenancy mix includes numerous food and beverage retailers including popular fish and chip shop Stingray Matt’s, Dizzy Lizzy’s Milkbar, Mangawhai Deli, Sand Bar and Grill, Madly Indian Takeaways, Sushi Gallery and Head Rock Bakery.
Service providers and retailers include Headz of Hair, Shizazz Clothing, Coast Chiropractic, Movewell Physio and real estate agencies Barfoot & Thompson, Colony Realty and Harcourts.
The property contains public toilet facilities at the rear of the main block, which are leased by Kaipara District Council.
The Mangawhai area accounts for 12.7 per cent of Kaipara’s population. As at the 2013 Census, there were 1,329 permanent residents in Mangawhai and 1,086 in Mangawhai Heads – an increase of 645 people, or 36.4 per cent, since the 2006 Census.
Mangawhai’s overall population grows substantially on weekends and over the summer months.