A character heritage building in central Napiers that is fully tenanted is being presented to the market for sale for the first time in more than 50 years.
Located at 36-40 Tennyson Street, Napier, the property, known as the Bowman Building, was built in 1932 and has a commanding street presence.
Home to a diverse mix of 17 office and retail tenants, the occupants include high-profile retailers such as jewellery store Michael Hill and menswear store Alexanders on Tennyson as well as The Cosmetic Clinic.
There is 1,730sq m of total floor area on a 956sq m landholding that is zoned Art Deco Quarter by the Napier City Council.
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The lease schedule includes a mixture of long-term agreements and short-term arrangements and the total annual rental income from the property is $442,242 plus GST and operating expenses.
Designated a Historic Category 2 building, it sits on Tennyson, Emerson and Market Streets and is a must-see of the Art Deco circuit with all tenants benefiting from the outstanding location.
There are nine retail units in total with eight office tenancies.
Ash Hames, Commercial Broker at Colliers Hawke s Bay, has been exclusively appointed to market the property for sale via deadline private treaty closing at 3pm on Thursday 28 March, unless sold prior.
Originally designed by local architect J.A. Louis Hay, who was known for his works in the city following the 1931 earthquake in Napier, the building is a timeless masterpiece that also benefits from a lift used to transport larger furniture items to the first floor.
The first floor offices have been modernised and are accessed via a grand stairwell and wide hallway as the building retains many of its original features.
In 2012 the ground floor underwent strengthening work and a significant fit-out took place in the tenancy occupied by The Cosmetic Clinic in 2021.
Hames says this is one of the most attractive buildings in the city that is an eye-catching feature of the popular Art Deco precinct.
"With a steady rental stream, this fully leased property makes for a compelling investment opportunity for discerning buyers," Hames says.
"Given it has been placed on the market for the first time in a generation, it indicates how tightly held properties such as this one are in central Napier. They're rarely available on the open market.
"The tenancy mix means there s a collection of well-known local and national businesses, while the offices are attractive for the occupants as they re surrounded by a host of amenities.
The strategic location of the building means it benefits from the foot traffic of Market Street, while Upper Emerson Street is popular with Australasian retailers such as Rembrandt, Cotton On, and Platypus Shoes, as well as national brands, including One, Barkers, and Icebreaker.
Tennyson Street is occupied by a mix of retail and professional service tenants, whilst also being a well-known destination for bars, restaurants, and cafes.
Hames says this property will likely draw interest from local and national investors given the strong underlying investment fundamentals.
- Supplied by Colliers
