The high-profile premises that for several decades have housed the Whanganui outlet of a top national building supplies chain are up for sale with a long lease term in place.

The approximately 7,900-square-metre site at the corner of Wilson and Ingestre streets has long been familiar to Whanganui residents as the home of Carters Building Supplies.

The property combining generous showroom, warehouse and yard areas, plus customer parking, is fully occupied by Carters on a current lease that runs through to 2033.

Two further six-year rights of renewal, if exercised, give a final expiry of 2045.

The long lease term is sure to be attractive to investors looking for quality stock.

The lease generates a net rental return of $355,239 plus outgoings and GST per annum. The lease agreement provides for annual CPI rent reviews, replaced by market reviews at lease renewal.

Since its earliest beginnings in Napier in the 1850s, Carters has grown into one of New Zealand’s largest building supplies merchants with some 50 stores and nine manufacturing plants nationwide.

The chain acts as a trade partner for commercial, residential and rural businesses across the country to service builds of all shapes and sizes. Branches carry an extensive range of supplies and products including power tools, timber, fixings, fastenings and joinery.

The freehold land and buildings at 95 Wilson Street, Whanganui, are being marketed for sale through Karl Cameron, John Bartley and Amie Rowan of Bayleys.

The property is being offered for sale by way of a Tender closing on Thursday 13 March, 2025 and will not be sold prior.

Cameron said the property included multiple buildings with a combined floor area of some 3,093 square metres. “The site has recently been extended to provide a further area of 930 square metres (more or less) at the tenant's request. This adds further to the capacity and versatility of the property for building supplies activities.

“The large yard provides plenty of room for the storage and loading of products and materials and easy movement of vehicles around the site. Generous customer car parking at the Ingestre Street frontage completes the picture of a highly functional site,” said Cameron.

Bartley said the property and its long-established tenant benefited greatly from the prominent and accessible corner position.

“The property has over 140 metres of highly visible frontage to Wilson and Ingestre streets – both major thoroughfares of central Whanganui. It sits at the edge of the city centre, just a few minutes’ walk from Victoria Avenue, where it is neighboured by a concentration of diverse businesses.

“Zoned Outer Commercial under Whanganui’s district plan, it also borders the General Residential zone. This provides an immediate residential catchment, while the building supplies business has long attracted customers from right across the City and beyond,” said Bartley.

Bartley said the sale was an outstanding opportunity for buyers to secure a high-profile property with a major national tenant on a long-term lease.

“This industrial investment offers both a prominent position and a secure long-term tenancy with built-in annual rental growth.

“The long-established tenant has occupied this site for several decades. That says it all.”