A fully leased commercial property with a prime riverfront location in the heart of Warkworth is for sale, after 23 years of ownership by the motivated and realistic vendors.

Constructed circa-1980s, the two-level 340sqm colonial-style building at 2-6 Wharf Street, Warkworth sits on a 243sqm triangular-shaped site overlooking the picturesque Mahurangi River and is positioned to capitalise on the growth being seen in the wider Warkworth area.

Assessed at 115 percent new building standard, the well-maintained property has a recently upgraded long run roof, with some external painting carried out this year.

Popular and established eatery Bam Boo Asian Canteen leases two tenancies – the lower-level restaurant, including a covered outdoor dining area facing the river, and upstairs office space. Hair stylist Hush Hair and hospitality business No Filter Coffee, are also on the ground floor. The second upstairs office tenancy with meeting rooms, foyer, kitchenette/lunchroom, bathroom, and balcony, has a vendor leaseback providing some flexibility for an incoming new owner.

The split-risk investment requires minimal management and returns net annual income of $99,558 plus GST, with some rights of renewal, built-in rental upside via biennial market rent reviews, and potential to reposition or re-lease the upper office space.

Dahnie Burton and Chris Blair of Bayleys Warkworth are taking the property through a tender process closing Thursday 6th November, with the vendor willing to sell prior.

With a good profile to the street, customer parking at the front door, and high foot traffic in the area, Burton says the property has always attracted a lot of attention, and the occupiers enjoy loyal patronage.

“It’s a building with a traditional look and feel, and it really suits the tenant businesses well. The property has a good interface with the river and views that few other Warkworth commercial buildings have.

“The ground floor leases are all locked in, but there’s some flexibility over the upper-level office space, which the vendor has a leaseback on, giving a buyer the chance to explore potential uses for this component of the building.

“With due exploration of council guidelines, there could be an opportunity for a live-work scenario by repositioning the upstairs office space as, on paper, the property’s Business Town Centre zoning can allow residential use.”

Warkworth has low vacancy for retail premises sub-100sqm says Burton, and the subject property is understood to be the first second tenanted investment property for sale in Warkworth in more than a year.

“Leasing enquiries have picked up recently, which shows there’s confidence returning to the market, as businesses look to secure a good position in the town ahead of an expected growth surge off the back of widespread new residential development.

“There’s significant housing development taking off in the area, with projects now having a clear pathway to development with Watercare recently opening the new Snells Beach Wastewater Treatment Plant to future-proof wastewater services for the Warkworth, Snells and Algies Bay communities.

“Warkworth is an identified growth node and expected to cater to high population growth over the next 35 years as roading infrastructure like the Ara Tuhono-Pūhoi to Warkworth motorway brings Auckland closer and adds resilience to the transport network.”