Henare New Zealand — Investment Proposal — March 2026
Te Wai Henare
Investment Proposal
A boutique bathhouse in Russell, Bay of Islands. This document sets out the commercial case, funding structure, indicative returns, and development programme for prospective investment partners.
$1.74M–$2.14M
Construction Budget (NZD)
$100K–$300K
Investment per Partner
~25%
Investment Sought
Late 2027
Target Opening
05 — Business Case
Market &
Commercial Case
The Bay of Islands is one of New Zealand's premier tourism destinations. There is no boutique bathhouse in Northland. The closest comparable experiences are in Rotorua (3.5 hours south) or Queenstown (11 hours south). Te Wai Henare will occupy a category that currently has no direct competitor.
Revenue Model
External Bookings
PrimarySessions open to all guests — Bay of Islands visitors, domestic travellers, cruise guests, and locals. 2–3 hours. Bookable directly online.
Lodge Guest Sessions
ComplementaryA reserved allocation for Henare accommodation guests, offered as a bookable add-on. Strengthens the lodge proposition without displacing external capacity.
Treatment Room Leases
Passive IncomeTwo treatment rooms leased to independent operators. Generates predictable income independent of bathhouse session volume, with no staffing overhead.
Local Memberships
Off-PeakHeavily discounted annual memberships for Northland residents. Valid for shoulder and low season only (May–October). Builds local community connection.
Studio Leases
SupplementaryDedicated Mahi Hā and movement studio leased to local instructors. Activates the site during shoulder season and reinforces Te Wai Henare as a full wellness destination.
Revenue Projections — Three Scenarios
All figures in NZD excluding GST. These are planning estimates, not audited projections. 300 operating days per year assumed. Blended average revenue per guest: $155.
Conservative
$672K
Annual Revenue
Planning baseline. Assume this is what will happen in Year 1.
Base Case
Used in Proposal$1.16M
Annual Revenue
Achievable from Year 2. Used in this proposal.
Optimistic
$1.63M
Annual Revenue
Strong-performing steady-state.
EBITDA margins are high because the business has low variable costs per guest. The main costs are largely fixed — characteristic of premium bathing operations.
Competitive Position
| Operator | Location | Price | Character |
|---|---|---|---|
| Polynesian Spa | Rotorua | $35–$80pp | Large-scale commercial. High volume. Family-oriented. |
| Maruia Hot Springs | Lewis Pass | $30–$50pp | Natural thermal. Basic amenity level. Remote. |
| Hanmer Springs | Canterbury | $20–$80pp | Resort-scale. High foot traffic. Family-oriented. |
| Aro Ha Wellness | Queenstown | $900+pp/night | High-end wellness retreat. Very different price tier. |
| Te Wai Henare(proposed) | Bay of Islands | $140–$180pp | Boutique, private, culturally grounded. No direct competitor in Northland. |
06 — The Investment
Funding Structure
& Returns
Mana Henry will contribute the majority of the construction cost from existing equity. This proposal invites a small number of investment partners to contribute between $100,000 and $300,000 NZD each. All investors participate on a silent basis — Henare New Zealand retains full operational and strategic control.
~75%
Operator equity
~25%
Investment sought
Construction Budget
Excl. GST, professional fees, consent costs, and FF&E. Professional fees (architecture, engineering, QS) approximately $180K–$240K additional.
Indicative Returns
Revenue Share @ 20% — Illustrative
The 20% revenue share is illustrative. Actual rate to be negotiated. Returns shown are gross and do not account for taxation.
Investment Parameters
Investment Structure Options
Secured Loan
Investor provides capital as a loan secured against the Russell property. Fixed interest rate agreed. Repaid over an agreed term from operating revenue.
Investor upside
Fixed return. Capital security. Predictable income.
Operator consideration
Retains full ownership. Debt obligation from Year 1.
Revenue Share
Investor receives a percentage of Te Wai Henare revenue (not profit) until a pre-agreed total return is reached, then interest reduces or ceases.
Investor upside
Returns linked to revenue performance. Transparent.
Operator consideration
No fixed debt service. Returns rise with performance.
Equity Stake
Investor takes an agreed equity share in Te Wai Henare as a standalone asset or in Henare New Zealand Ltd. Participates in distributions.
Investor upside
Upside if business performs above projections. Ongoing participation.
Operator consideration
Dilutes ownership. Requires clear shareholder agreement.
All structures require a formal investment agreement prepared by a solicitor. All parties should proceed with independent legal and financial advice. This document does not constitute a registered prospectus or financial advice product under the Financial Markets Conduct Act 2013.
07 — Timeline & Risk
Development
Programme
Target opening: November 2027. The programme is achievable if investment is confirmed and architect engaged by June 2026. The timeline allows for a 6-month consent period and a 9-month construction programme.
Phase 1
March – June 2026
NowInvestment & Pre-Design
- Investment conversations and agreements
- Engagement of architect (Mason St Architecture)
- Cultural hui with Ngāpuhi advisors and kaumatua
- Site survey and geotechnical investigation
- Initial concept design development
Phase 2
July – December 2026
Design & Consenting
- Developed design and resource consent application
- Building consent application
- Carving programme developed with tohunga whakairo
- Contractor procurement and tender
- FF&E specification and procurement
Phase 3
January – September 2027
Construction
- Site preparation and foundation works
- Structure and envelope
- Pool construction and waterproofing
- Internal fit-out
- Cultural elements installation
- Landscaping and bush path works
Phase 4
October – November 2027
Commissioning & Launch
- Pool commissioning and water quality testing
- Staff recruitment and training
- Soft opening — invited guests and media
- Public opening — November 2027
- Booking system and marketing activation
Risk Register
Consent delays
Early engagement with FNDC. Pre-application meeting. Cultural consultation documented from outset.
MediumConstruction cost overrun
10% contingency built into budget. Phased scope if required. Fixed-price contract sought.
MediumSlow ramp-up in Year 1
Conservative scenario used for planning. Lodge guest allocation provides baseline demand.
LowKey person dependency
Operational procedures documented. Manager recruited before opening.
MediumSeasonal demand variation
Local membership programme targets shoulder season. Studio leases provide off-season income.
Low08 — Enquire
Begin a
conversation
Te Wai Henare is a place of genuine meaning — built for those who understand the value of what is being created here. If this project speaks to you, we would welcome a conversation.
To explore the investment proposal — including the commercial case, funding structure, and development programme — visit the Investment Proposal page.
Contact
Mana Henry
Founder, Henare New Zealand