Buyers are eyeing a stake in one of New Zealand’s most vibrant waterfront precincts as a leasehold investment and going concern marina business go up for sale in Whangārei.

Riverside Drive Marina is a popular berthing facility for local and international boats within the Whangārei Town Basin. In operation for nearly half a century, it has seen surrounding areas transformed in recent years into a lively hub of visitor, hospitality and retail activity.

Nestled in the sheltered waters of the Hatea River, a short walk from the city centre, the marina is underpinned by a more than 6,000-square-metre leasehold title plus use of some 1,500 square metres of reclaimed land. This is reinforced by a steel and concrete seawall.

Part of the site is owner-operated as Riverside Drive Marina, a 30-berth marina and boat yard business that has been running since 1976. As a hardstand, haul out, complete working marina, it has proven an essential stop for many boaters before continuing their journey.

The profitable marina business generates a turnover of some $680,000 per annum.

The leasehold investment and going concern business at 52 Riverside Drive, Whangārei, are now being marketed for sale through Daniel Sloper and Henry Napier of Bayleys Whangārei.

Sale is by way of deadline private treaty closing on Wednesday 21 May (unless sold prior).

Sloper said the sale offered a unique chance for new owners to secure a piece of Whangārei’s boating heritage, along with a stake in one of the country’s most compelling waterfront renewal stories.

The upcoming sale includes an extensive inventory of business assets.

“These include specialist plant and equipment such as a 40-tonne boat lifter, 70-tonne marine saddle carrier, 20 boat cradles, a canvas paint shed and a hydraulic trailer. These assets have a total book value of approximately $500,000.

“The marina berths have recently been refurbished and include water and electricity plus access to facilities such as bathrooms, laundry and office amenities.

“This makes Riverside Drive Marina an attractive and sheltered place to berth and have any repairs or maintenance done, complete with all the services and amenities to meet boaters’ needs,” Sloper said.

Six tenants, including a paddleboard supplier and fair-trade coffee shop KAFE, occupy the balance of the property on short and medium-term leases.

The property returns a total net rental income of $137,573 per annum, including $70,000 rental paid by the marina.

The Riverside Drive site is part of the Waterfront zone under Whangārei’s district plan. This zoning seeks to encourage tourism, retail, accommodation, hospitality and entertainment activities in what is evolving as one of the country’s most lively urban waterfront precincts.

Napier said the location in Whangārei Town Basin placed the marina within an easy walk of the city centre and a proliferating collection of restaurants, bars, retail and grocery offerings.

“This increasingly popular area is also home to nationally and internationally renowned visitor attractions such as the Hundertwasser Art Centre, Wairau Māori Art Gallery and Claphams National Clock Museum.

“The proximity to town and its burgeoning attractions has contributed to Riverside Drive Marina’s popularity. Over many years, this marina has built up an enviable reputation as a convenient and comfortable base for boaters to berth, make repairs and re-energize before continuing on their sailing journeys around New Zealand or the Pacific,” Napier said.

New owners would enjoy attractive future possibilities supported by the waterfront area’s ongoing transformation, he said.

“With Whangārei’s city planners having identified the town basin as a central hub of activity for visitors and locals, new owners will have at their disposal a myriad of future use options and significant long-term redevelopment possibilities,” Napier said.