Hawke’s Bay’s largest office buildings sold

Two iconic office buildings in the heart of central Napier, Dalton and Vautier Houses, have recently been sold, heralding an era of extensive redevelopment and presenting exciting leasing opportunities within the city.

The landmark properties, recognised as the largest office block in the Hawke’s Bay region, were acquired by Wallace Development Company, a move that promises to transform the cityscape and invigorate the commercial landscape.

Located at 180-190 Dalton Street, the buildings are adjacent to the new civic centre, which will include a new library, Napier City Council Chambers, and community spaces, along with a new civic square.

The properties will undergo a remarkable transformation, featuring two distinctly different towers with captivating facade enhancements that will not only elevate the design but also create additional office space.

Positioned at the corner of Dalton and Vautier Streets, these buildings enjoy a prime location in the central Napier commercial area, providing unparalleled access to a myriad of amenities, including hospitality offerings and popular shopping destinations. With the city’s retail hub and Marine Parade just a two-minute walk away, the site holds exceptional appeal.

Danny Blair, Director at Colliers Hawke’s Bay, who facilitated the sale alongside colleague Blair Peterken from the Capital Markets team, emphasised the potential of the transaction in revitalising the city.

“Hawke’s Bay faces a significant shortage of premium office space, and these buildings will play a vital role in meeting the demands of tenants seeking quality workspace for their employees,” Blair says.

“These landmark Napier buildings are well known to many, offering exceptional exposure and visibility to future occupants. We are thrilled to be part of this exciting project.”

Boasting a 100 per cent NBS rating, the buildings will feature flexible floorspaces that cater to a range of needs, with prospective tenants being able to secure areas spanning from 150sq m to 2,500sq m.

Blair has been appointed to lease these cutting-edge spaces, assuring the leasing process will be seamless and efficient.

The addition of further on-site car parks will complement the existing basement parking, enhancing accessibility and convenience for occupants. The refurbishments are slated for completion during the first quarter of 2024, promising a timely delivery of these state-of-the-art office spaces.

Ryan Schnell, Development Manager at Wallace Development Company, shared insights into their ambitious vision for the buildings.

“We are committed to creating sustainable improvements to the buildings with the addition of solar, EV chargers, and end-of-trip facilities. The fit-outs will cater to the unique needs of incoming tenants, transforming these buildings into a landmark property that will redefine the city centre,” Schnell says.

“By enclosing balconies to create more floor space, the total net lettable office space will increase from 7,269sq m to 8,400sq m, providing ample room for businesses to thrive.”

Wallace Development Company has already secured a government department as an anchor tenant, leasing approximately 2,100sq m of space.

This project promises to be a game-changer for Napier, invigorating its commercial landscape and adding to the city’s vibrancy.

As Wallace Development Company and its partners usher in this transformative phase, businesses and employees alike can anticipate exciting opportunities and a reimagined work environment that will significantly improve the lettable office space in the city.

- Article supplied by Colliers