Q027524 - Commercial Portfolio Booklet - March 2026
Our story
Right from the start, provincial New Zealand has been the place we feel most at home. Here, relationships and trust count for everything. A deal is done on a handshake, and locals judge you on how long they’ve known you. No one knows property in the regions better than us. To know a market, you need to live in it. You can’t service it from a distance. Our heartland connection means we have the insights to bring the right people together, so you get the most value out of your property.
1 to 85+ Offices
In 1986 Tim Mordaunt and Don Brown purchased Michael Gray Real Estate at 236 Broadway Avenue, Palmerston North. Property Brokers was open for business. Now we operate in more than 85 locations from the top of the north through to the deep south.
2 to 850+ Staff
In a little over 38 years, our family business has grown into a dedicated team of over 850 strong. In addition to our sales networks, each of our sales consultants are backed by a vast support network spanning administration, management, training, marketing and IT.
100%
Family and kiwi owned
We are proud to be a business still firmly in the hands of family ownership. Our structure allows us to blend the best of both worlds; we have the resources and professional disciplines of a large corporate. We are, however, nimble enough to respond to the everchanging industry, ensuring our customers receive market-leading service every time.
One Trusted name Two Canstar wins
We always put customers first - and it shows.
We’re proud to be recognised with back-to-back Canstar awards for the most satisfied customers in New Zealand - a reflection of the trust placed in us and the genuine care our team brings to every interaction.
To find out why kiwis rated us number one, scan the QR code, or visit pb.co.nz/canstar.
200 JFK Drive, Palmerston North
200 JFK Drive, Palmerston North
$4,300,000 + GST / $237,313 + GST pa net rental
Listing Reference: BC99495
Property Brokers presents for sale this multi tenant industrial investment, perfectly positioned at 200 John F Kennedy Drive in Palmerston North. The 3111m2 (more or less) freehold site is zoned Industrial (7A), located on the northern fringe of Palmerston North and is close to the main arterial routes. The building has 2030m2 (more or less) of floor area and each tenancy has high stud warehouse space, large roller doors, offices/showroom and there is great on-site carparking.
Kevin Carian
027 430 4045 | kevin.carian@pb.co.nz
56-60 Queen Street, Palmerston North
56-60 Queen Street, Palmerston North Offers
from $1,230,000 + GST / $80,000 + GST pa net rental
Listing Reference: BC217281
56-60 Queen Street, Palmerston North, is a well-presented commercial investment in a prime CBD location, just off The Square and surrounded by a mix of professional offices, retail, and hospitality operators. The property comprises a two-tenant building with a total floor area of 429m2 on a 590m2 freehold site and is rated at 70% of the New Building Standard (NBS). The building offers a modern, functional layout, with well-maintained office and clinic spaces, strong street presence, excellent signage opportunities, and easy pedestrian access.
Kevin Carian 027 430 4045 | kevin.carian@pb.co.nz
Listing Reference: BC204779
Avenue, Palmerston North
The Commerce building sits right in the middle of Broadway Avenue, next to the Regent Theatre. With the Regent Arcade running the between Broadway and King Street, the property has great foot traffic exposure for the tenant’s client base 24/7. This property is multi tenanted with a mix of six commercial tenants on the ground floor and a residential flat upstairs, the current net rental is $128,625.00. For further information, please call Property Brokers.
26 Victoria Avenue, Whanganui
26 Victoria Avenue, Whanganui
$1,890,000 + GST (if any) / $150,860 + GST pa net rental
Listing Reference: WGC207092
A fully leased three income-stream investment property at 22-26 Victoria Avenue, Whanganui, is offered for sale. Retaining the features of its former use as the Whanganui branch of the Bank of New Zealand, Location, style and income are hallmarks of this heritage icon. A substantial, quality investment, renowned as a unique building, retro fitted, extended and earthquake strengthened to 66% NZS4203. Comprising two titles, land area 1,334 m2 (approx), building area 795 m2 (approx) including associated improvements.
• Hospitality
• Retail
• Apartment
• Open courtyard
Gil Button
021 326 956 | gilb@pb.co.nz
68 Victoria Avenue, Whanganui
68 Victoria Avenue, Whanganui
$2,200,000 + GST (if any) / $156,871 + GST pa net rental
Listing Reference: WGC218532
Positioned in the heart of Whanganui’s bustling city centre, 68 Victoria Avenue presents an exceptional opportunity to secure a high-profile commercial investment, surrounded by leading local, national and international tenants. This property combines reliable income, strong seismic credentials, high business foot traffic and genuine future upside. The building comprises four storeys plus a penthouse, with total floor area 1,359 m2 (approx) on 344 m2 (approx) section. The ground floor features a prominent retail tenancy.
• Net rental is $156,871
• Ground floor retail
• Upper floors office
Gil Button
021 326 956 | gilb@pb.co.nz
1 Imlay Place, Whanganui
1 Imlay Place, Whanganui
$4,780,000 + GST (if any) / $331,400 + GST pa net rental
Listing Reference: WGC222225
Positioned in Whanganui’s established and strategically important Heads Road industrial area, this substantial industrial complex presents a special opportunity to secure a largescale, income-producing asset underpinned by recognised national businesses. Comprising two industrial buildings with a combined floor area of 4,407 m2. The improvements are well suited to logistics, manufacturing, and heavy industrial use, with practical layouts. Tenants are Yokohama / TRS and Direct Connect Container Services.
This RSE accommodation facility was developed between 2020 and 2023 in three stages. It currently accommodates 246 workers with plans underway to expand an additional 96 RSE workers. Stage 3 was completed in September 2023 and the facility is secured under a long term lease to ENZA Fruit New Zealand Limited. (T + G Global)
• Current Net Income per annum is $1,461,169 +GST pa
• 10 year lease term from Sept 2023 with Rights of Renewal until 2043
• Built-in growth with annual CPI adjustments
• Total land area 4.499 ha (approx.) freehold
• Accommodation capacity 246 beds
• Tenant pays 100% operating expenses
This is a quality, ‘hands off’ investment, with built in rental growth and opportunity to develop further.
For sale by Negotiation.
Davis
+ GST pa net rental
701-703 Orchard Road, Hastings
$4,108,000 + GST (if any) / $242,133.49 + GST pa net rental
Listing Reference: HC210921
Vehicle Testing New Zealand (VTNZ) – a leading TIC sector company, majorityowned by global testing giant DEKRA (Germany)
• Lease term: To 2033, with two 5-year renewals and 2.5% fixed annual increases, potential total term to 2043
• Features: High-stud industrial warehouse, office/reception areas, extensive concreted yard, multiple roller door access, and ample parking
• Seismic rating: 75% NBS
• Capital works completed: Refurbished offices and amenities, new cleartile roofing, nail-to-screw replace 701-703
Edge
309 5838 | nigel.edge@pb.co.nz
30-32 Munroe Street, Napier
Listing Reference: NC217698
Positioned in Napier’s tightly held fringe commercial precinct, 30-32 Munroe Street presents a high-quality, two-storey medical investment underpinned by long-standing, nationally recognised tenants. The property is securely leased to The Doctors Napier, a well-established fullservice medical practice operating from the site since 1990, alongside the Unichem Pharmacy, which has occupied the adjoining tenancy for more than a decade. The buildings offer strong seismic performance and tidy clinical fit-outs.
• 8 year lease
309 5838 | nigel.edge@pb.co.nz
1-9 Clive Square, Napier
Listing Reference: NC216649
Key features:
• Excellent tenancies returning circa $200,000pa net +GST
• Easily managed
• 70% NBS (Detailed Seismic Assessment)
• Recently reroofed and exterior repaint
• Prime location adjacent to new Art Deco Centre and Inter City bus terminal
• Good exposure with three frontages
• High traffic flow
This two story commercial property presents as a great diversified investment opportunity to add to your portfolio or those new to the market wanting to secure a top of the range investment at a very good return. 1-9 Clive Square,
Napier
66-80 High Street North, Carterton
High Street North, Carterton $1,500,000 + GST / $104,747.87 + GST pa net rental
Listing Reference: CC215443
Prominently positioned on Carterton’s main street, this substantial commercial property represents an exceptional opportunity for investors seeking a strong, welllocated asset in the heart of the Wairarapa. With three established mixed tenancies (retail and farm supply) already in place and the possibility to introduce a fourth, the property offers both a secure income and room for future growth. Occupying a generous 2,784m2 (more or less) site with a total building area of 1,240m2 (more or less), this property benefits from dual access.
• Three mixed tenancies - retail + farm supply
• Possibility to secure a fourth income stream
• Combined annual net income of $104,747.87 + GST- 7% Yield
Greg Ariell 027 435 6327 | grega@pb.co.nz
309-311 Oxford Street, Levin
309-311 Oxford Street, Levin
RV $1,590,000 / $122,000 + GST pa net rental
Listing Reference: LC168253
An exceptional opportunity to secure a high-profile freehold commercial investment on Levin’s main arterial route, State Highway 1. This well-established Caltex Service Station property at 309-311 Oxford Street offers the land and buildings for sale, with three tenancies providing diversified income and longterm potential. Situated in a prime position with outstanding visibility and access, this property services both local and passing traffic and is surrounded by complementary commercial uses.
13 Roe Street, Levin
13 Roe Street, Levin $542,800
+ GST pa net rental
Listing Reference: LC166458
Introducing a prime commercial investment property for sale, situated on an impressive 1.4 hectares of land. With a strong tenant already in place on a long-term lease, this property offers a secure and rewarding investment that cannot be overlooked.
Strategically located in Levin’s thriving commercial hub, this property enjoys prime position within a growing business district. This gem encompasses a wide range of attractive features that make it an ideal choice for savvy investors.
• Lease term: 10 year lease term from May 2021 with rights of renewal until 2041
• Market rent review: 1 May 2026 and then 1 May every 3 years subsequently from that
• CPI rent review: 1 May of every subsequent year that is not a market rent review date.
