The land and buildings of a large-scale commercial site in Napier presents buyers with a range of options to secure a prominent collection of assets with significant future growth potential.
95-111 Ford Road, Napier is spread across three freehold titles and spans 12,985sq m of total land area that is zoned Large Format Retail by the Napier City Council.
The property contains five buildings, one of which is under construction with stage one due for completion in Q2 of this year with tenants already in place.
The business and associated assets of EuroCity LMVD car dealership, located at 120 Prebensen Drive (111 Ford Road), is also available for sale and buyers have the opportunity to purchase the business separately from the land and buildings.
Start your property search
The current total net annual rental income from the property is $1,601,491 plus GST and is derived from a mixture of tenants such as Aramex New Zealand, Smith & Smith, and Complete Paints among others with additional rental opportunities yet to be capitalised on providing a spread of risk for any potential new owner.
The property is highly visible with vast exposure to Prebensen Drive, a major arterial route in Napier. There’s also a range of national and international brands in the surrounding area, including Kmart, Torpedo7, and Mitre 10.
Colliers brokers Daniel Moffitt and Danny Blair have been appointed to market the property and business assets for sale by way of expression of interest with the deadline closing at 1pm on Wednesday 1 March, unless sold prior.
The building at 111 Ford Road has 2,508sq m of floor area and there is potential to renegotiate EuroCity’s lease. Their current lease offers two renewals of six years each, leading to a final expiry of 2035.
The business was established in 2005, selling and servicing premium brands Audi, Volkswagen, and Skoda in Hawke’s Bay. MG was added to its stable of brands in 2019.
The company employs more than 50 staff across its administration, finance, sales, parts workshop, marketing, and IT departments.
The two-storey building which is under construction at 107 Ford Road will have approximately 2,600sq m of floor space.
Aramex New Zealand’s head office and local courier depot will be based in the building, and they have agreed to a 10-year lease term with two further rights of renewal for five years each.
Smith & Smith, a leading glass repair and glass replacement company, will be the other tenant and have leased more than 400sq m on the first floor of the building to house their national call centre. Their initial lease term is five years with multiple rights of renewal in place leading to a final expiry of 2037.
Euro City Marine is an authorised regional dealer for Crownline, Finseeker, Ocean Craft Marine, Volvo Penta, and Honda Marine in Hawke’s Bay and occupies an adjacent building at 107 Ford Road.
95 Ford Road is home to three tenants, Portacom New Zealand, MYLK, and Complete Paints.
Portacom and MYLK share a building, while Complete Paints occupy a 717sq m building of their own and also have an apartment that sits above MYLK.
Moffitt, senior broker at Colliers Hawke’s Bay, says the property is an attractive purchasing opportunity for a buyer to secure a sizeable stake in Napier’s commercial property market.
“It’s incredibly rare to see a collection of assets like this presented to the open market. EuroCity is an established presence in the vehicle industry in Hawke’s Bay,” Moffitt says.
“There’s considerable long-term value in acquiring all of these properties.”
Blair, director at Colliers Hawke’s Bay, says there’s a strong tenant covenant attached to the property.
“There’s a number of well-known operators at this location, including household names who are committed to long-term leases,” Blair says.
- Article supplied by Colliers
