Prominent Whitianga property corners buyers
47 Albert Street, Whitianga
- 260sqm, single-level commercial property built in the 1990s
- High-profile 313sqm freehold commercially-zoned corner site
- Three tenancies including the popular Tides Café
- Service lane with rear access for all tenants
- Returning $69,221.00 pa + GST/OPEX
- CV: $900,000
- National Total Property marketing campaign with auction sale method
- Around 60 direct enquires received and 10 qualified viewings made
- 12 bidders in the room on the day with eight actively involved
- SOLD for $1,300,000 at a 5.3% yield
- Purchased by a local investor adding to an established portfolio
Whitianga is the fastest-growing town on the eastern seaboard of the Coromandel Peninsula. Its resident population of around 4,000 swells significantly over the summer months as holiday makers flock to Mercury Bay, and the town is leveraging off growth in the Auckland, Waikato and Bay of Plenty regions.
Josh Smith from Bayleys Waikato and Belinda Sammons of Bayleys Whitianga were called in to sell this prime-located commercial property in the heart of Whitianga and say the interest received was heartening and well-resourced.
“The enquiry we fielded from proactive investors reflected real confidence in the Whitianga market,” says Josh.
“That interest came from investors based throughout New Zealand from Kerikeri to Nelson – largely drawn to the property for the tenant schedule and the yield it potentially offered.
“That five to six percent yield point is hotly-contested and it’s certainly a rarity in the highly-competitive Auckland market where a lot of the interest came from.”
Josh says as soon as the property was listed for sale, he phoned a neighbouring property owner to inform him of the opportunity.
“As an investor, he’s consolidating a presence in the town and despite the active competition in the auction room, he ended up being the successful bidder on the day.
“Locals investing locally is a hallmark of the Whitianga commercial market as permanent residents and holiday home owners recognise the visitor trump cards the town holds and can see a chance to capitalise on business growth and confidence.”
Lisa Abrahamson, daughter of the vendor, says selling by auction was a “no brainer”.
Lisa’s mother and late father bought the property 16 years ago as an investment and they’d enjoyed having a passive property interest in the seaside town.
“As Whitianga locals and very involved in the community, this was a property they could drive past and keep an eye on,” says Lisa.
“But with Mum on her own now and wishing to simplify things, the decision was made to sell.
“Josh came highly recommended as having the right commercial property experience to get us the best result, backed up by Belinda’s local knowledge.”
Given the tightly-held nature of the Whitianga market and a lack of quality property for sale, Lisa says selling by auction was a “no brainer” and the campaign culminating on auction day couldn’t have gone any better.
“Josh and Belinda were very mindful that this was an emotional time for Mum and their communication throughout the marketing period was great,” says Lisa.
“On auction day, we were the first property on the auction schedule and as we knew that there were a lot of registered bidders, we were confident of getting a good outcome.
“The final sales price was more than we’d expected to get, so it was a really positive end-of-an-era for Mum and the rest of the family.”
Read more customer stories
Subscribe to receive the latest commercial news and insights from Bayleys Total Property