25 Rathbone Street, previously known as the Michael Hill building is located in the heart of the Whangarei CBD near the central post office, surrounded by several successful boutique eateries and a short walk to the internationally acclaimed Hundertwasser Art Centre near Whangarei's popular waterfront. This location has fast become one of Northland's most popular tourist destinations, making the central office precinct the ideal place to locate a business. Whangarei is enjoying a resurgence in tourist popularity with both New Zealand and international visitors. Offices previously filled with large corporates and government tenants are now being snapped up by entrepreneurial small to medium size businesses breathing new life into the Whangarei CBD through gentrification, culinary, cultural and ethnic diversification.

The north side of the building enjoys views over the picturesque Laurie Hall Reserve and an extensive public car park for visitor convenience. The building has street frontage and footpaths on every side, allowing natural light and a view for tenants.

Available is the strata/freehold title 1st floor currently around 76% occupied with multiple tenancies both old and new to diversify purchaser's risk around a "health and wellness" theme. Previously leased to Northland DHB the property is ideal for health related clinics, private health professionals, counselling and consultancy rooms. The property is for sale below replacement cost and has 880-930m2 leasable area plus service areas depending on configuration of the 1050-1090m2 floor plate. Service areas include lunchrooms, toilet blocks and 2 lifts. A substantial secure and fireproofed document storage facility is included, as are a number of air purifiers and recently renewed air conditioning units.

This commercial property provides opportunity for both capital and income growth, so could be ideal for a hands-on investor or experienced building manager. The building design provides relative flexibility to allow possible change of use to residential apartments or a motel complex within the existing structure.

# Current holding income approximately $90,000 Net P.A.

# Near future holding income around $120,000 Net P.A with scope to increase income to approximately $160,000 Net P.A based on market rate of $180/m2 and 100% occupancy. (Excludes potential signage rights income, subject to body corp approval).

# Vendor keen to consider realistic offers. Price by negotiation.

Call Roger at RE/MAX Edge to enquire today.