A landmark property featuring several commercial premises and a character dwelling, positioned on a prominent corner at the centre of one of Whanganui’s premier residential communities, has been placed on the market for sale amidst an increase in local development activity.

Bayleys Whanganui broker Amie Rowan is marketing the 2,982sqm (more or less) freehold land parcel at 13-15 Great North Road and 3 St Leonard Street, alongside colleagues John Bartley, Duncan Ashby, and Kim Ahern.

The property features in Bayleys’ latest Total Property portfolio and is offered for sale by tender, closing at 2:00 pm on Thursday, 5th December 2024 (will not be sold prior).

“Comprising four titles on the corner of Great North Road/State Highway 3 with 29 car parks, the property sustains a diverse mix of commercial and residential tenancies, presenting abundant possibilities for modernisation, expansion, or total redevelopment.

“Already home to long-standing tenants that serve as essential services to the community, including a popular pharmacy, Four Square supermarket, and bakery, the site is highly visible, offering ease of access for customers and significant potential for transformation into a vibrant mixed-use destination.

“Tenants temporarily off-site have signalled their wish to return to a redeveloped space, providing a ready-made tenant base that provides stability and a foundation for future growth.”

The property features 673sqm (more or less) of commercial property in two standalone buildings located on the site's northern corner and southern boundary, accessible via Great North Road/State Highway 3.

This portion of the property generates holding income anchored by a lease with Four Square through 2036, alongside several other neighbourhood amenities with active leases and renewal rights.

“A recent fire has temporarily closed three additional tenants’ businesses. Some of these are eager to return to a redeveloped space, providing future flexibility and income options for an owner with vision,” Rowan says.

A residential landholding at the rear, accessed via St Leonard Street, comprises 1,034sqm (more or less) featuring a grand villa built circa 1910 and subsequently divided into three tenanted flats.

Bayleys Whanganui broker John Bartley says the retail space is zoned Commercial 8C, while the approximately 250sqm villa in Residential 9A zone opens the door to redevelopment, providing a rare level of control for a new owner focused on maximising the site's untapped potential.

“Strategically located on one of Whanganui’s busiest arterial routes, the property’s commercial tenants benefit from extensive frontage and accessibility, with frequent pedestrian and vehicular traffic ensuring visibility for retail businesses.

“This connectivity is bolstered by local public transport links, enabling easy access for tenants and customers. “Nearby Virginia Lake further enhances the area’s appeal with recreational amenities, making the location desirable for commerce and potential residential development.

“Significant local investment across Manawatū-Whanganui is driving growth and regional stability, with forecasts projecting an increased migration of a skilled workforce – further enhancing future development potential.

“Redevelopment options include modernising the commercial units and flats to meet increasing demand for quality housing and community amenities or restoring the villa as a standalone heritage residence. For those with a longer-term vision, a complete redevelopment into contemporary housing typologies or a modern retail block would leverage the high-profile, family-friendly location.

“With existing tenancies and flexible zoning, the property offers an ideal canvas to maximise value through add-value improvements, restoration or a new vision. Its profile, diverse tenant mix, and options for the future make it an appealing development opportunity in a strategic location poised for growth.”

Click here for more information on the listing.