The character premises which have housed a multi-award-winning Napier restaurant for over 20 years have gone up for sale.
The unmistakable single-storey blue bungalow housing the Pacifica restaurant sits in a prominent waterfront position on Marine Parade just outside the city centre.
Long considered one of Hawke’s Bay’s finest eateries, Pacifica has won numerous accolades in recent years, including being named Best Restaurant in 2017 and Best Regional Restaurant several times in the Cuisine Good Food Awards.
In the 2021-2022 awards, Pacifica was the only restaurant in Hawke's Bay, and one of only six in New Zealand, to be awarded prestigious “three-hats” recognition.
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With 30-35 seats for degustation-only dining, the restaurant focuses on delivering visitors a genuine, considered dining experience in an intimate and relaxed pacific-style setting.
The tenancy generates an annual net rental return of $37,200 plus outgoings and GST, on a lease with final expiry in 2025.
The freehold land and building at 209 Marine Parade, Napier, are being marketed for sale by Kerry Geange and Jodie Woodfield of Bayleys Napier.
The property will go under the hammer at an auction on Friday 9 December, unless it is sold prior.
The approximately 121-square metre building sits on some 185-square metres of freehold land.
It forms part of the Fringe Commercial zone under Napier’s district plan, which provides for commercial services, retailing and office uses, and sits within an area earmarked for $55 million in public investment.
The District Plan also provides specifically for residential activities within this central zone as a permitted activity.
Geange said the site represented an exciting tenanted investment and/or add-value opportunity for buyers.
“This is a chance to claim a rare stake in Napier’s popular waterfront, offering a freehold landholding in a premium location with the security of an established tenant.
“It also presents interesting future options. A savvy buyer could use the income to prepare their long-term plans to add significant value, to repurpose or redevelop the site – perhaps even to use the site as their future sunny retirement home or inner-city lock-and-leave location,” Geange said.
Built in 1923, the premises have been operating as a restaurant since 1984.
Woodfield said that, in more recent years, the building had undergone re-piling and a full refurbishment resulting in the elegantly designed and creatively decorated restaurant seen today.
“One of the site’s biggest advantages is its frontage to Napier’s most iconic waterfront street, Marine Parade, providing a busy urban outlook and long-term potential for the new owner.
“Social and recreational amenities abound in this location, making shopping, walking, cycling, running, swimming and water sports as well as passive recreational opportunities in this gorgeous coastal location all within easy reach,” she said.
Woodfield said demand for good quality commercial and CBD property continued to grow in Hawke’s Bay from both local and national tenants.
“With its iconic Art Deco architecture and compact city footprint offering all the necessary services, Napier is a high-demand location,” she said.
- Article supplied by Bayleys
