The combined strength of two nationally significant tenants underpins a tenanted commercial asset in the heart of Whanganui’s civic and commercial district, offering passive investors an opportunity to acquire a proven income-generating asset positioned in a dynamic regional economy, Bayleys brokers say.

Bayleys Whanganui Commercial director John Bartley is marketing the 2,665sqm (more or less) freehold site at 93 Ingestre Street for sale by deadline, closing at 2:00 pm on 25th September 2025 (unless sold prior), alongside colleague Amie Rowan.

The property comprises 1,755sqm of functional office, showroom, and workshop accommodation, supported by 36 car parks and seven secure basement storage units. Income from two tenants plus the storage lockers generates a combined net return of more than $304,000 plus GST annually.

One of the Government’s largest agencies – the Ministry of Education (MoE), occupies the primary 907sqm (more or less) two-level office tenancy, with a tailored internal configuration that includes partitioned offices, meeting spaces, kitchen facilities, and access-friendly infrastructure such as ramps and an elevator. Its lease runs through to December 2030 with three additional renewal rights of three years each.

National electrical supplier, Corys Electrical, has been an established tenant since 2015, occupying 548sqm (more or less) of showroom and workshop space with roller door access and 20 customer car parks in a secure, lockable yard. It has recently exercised the third of five renewal rights to November 2028.

“These nationally significant occupiers provide investors with strong covenant strength and long-term income certainty,” Bartley says. “Combined with the storage units, which generate flexible month-to-month income, the property’s income profile is well-diversified and resilient.”

Bartley says recent capital expenditure further strengthens the property’s fundamentals, with a complete Colorsteel re-roof in 2021 and a seismic rating of more than 75 percent of New Building Standard (NBS).

“The property is modern, low-maintenance, and purposefully adapted for its high-profile occupiers. These factors reduce the requirement for near-term capital outlay, enhancing long-term stability and the true passive nature of the investment.”

Regional investment and infrastructure upgrades continue to shape the broader Whanganui-Manawatu region, which has positioned itself as one of the country’s strongest growth corridors.

Bayleys Commercial sales specialist Amie Rowan says improved transport links, including upgrades along State Highway 1 and regional rail freight connectivity, are boosting accessibility and local commercial activity.

“Whanganui’s diversified economy, spanning education, primary industries, health services, manufacturing, and culture, adds depth to the demand for well-located commercial premises.

“The subject property’s central position, with more than 50m of frontage to an outer commercial ring road, enhances visibility and accessibility whilst benefitting from nearby civic amenities, cultural landmarks including the Whanganui Regional Museum, Sarjeant Gallery, and local transport connections.

“Passive investors searching for value in a high-quality regional centre will recognise the city offers attractive yields, and strong tenant demand relative to the main metropolitan areas,” Rowan says.

“With secure blue-chip tenants, a diversified income profile, recent upgrades, and a strong regional economic backdrop, 93 Ingestre Street represents a rewarding passive opportunity to acquire a high-performing commercial asset in a growth location.”