High-profile site with potential in Hastings

A strategically located property sitting on a prominent corner site in Hastings is now available for purchase, offering buyers a range of options.

210 Maraekakaho Road, Hastings has 2,335sq m of total floor area spread across two levels on a substantial 6,623sq m landholding.

The property is zoned Light Industrial under the Hastings District Plan.

The property is currently tenanted by Farmlands and Ovation New Zealand Limited.

Farmlands, which occupies 1,531sq m of trade retail and office space, will soon be vacating the premises due to an upcoming relocation to its new Horticulture Hub in Twyford, meaning a large part of the building will be vacant in July 2025 when their lease officially ends.

The current annual rental income from the property is $529,000 plus GST, providing the new owner with considerable holding income while they strategically plan their next moves.

Ovation New Zealand, a 100 per cent Kiwi-owned processing and exporting company, are in the first-floor office accommodation and are willing to engage with potential purchasers during due diligence to negotiate a long-term lease at market rates.

Their current lease runs until 30 June 2025 and they are also open to leasing more ground floor space if it was to be available.

The property has multiple access points and offers easy connectivity to key transportation routes in Hastings. It is only 2.1km from the Hastings CBD.

Danny Blair, Director at Colliers Hawke s Bay, has been exclusively appointed to market the property for sale via deadline private treaty closing at 3pm on Tuesday 30 July, unless sold prior.

Originally constructed in 1990, the highly functional premises includes multiple offices and a large trade retail area on the ground floor. Retail access is via auto doors off the car park with a roller door to the eastern end of the building, adjacent to a canopy.

The first floor office accommodation comprises a reception area, waiting area, open plan offices, boardroom, meeting rooms, and consulting rooms.

Blair says the property is loaded with potential given it will soon be available with partly vacant possession.

Investors may choose to acquire this building for their portfolio and look to extend the lease of Ovation New Zealand or grow the rental income through securing a new occupant.

There is a steady rental stream in place, which will help buyers take their time to plan their next moves, Blair says.

Alternatively, an owner-occupier may view this property as the one to utilise for their own operations.

The long-term play could involve intensifying the usage of the site through a development on the bare land, which spans more than 1,000sq m, allowing scope for a development of scale.

The location of the property means it obtains excellent profile to high volumes of passing traffic.

Maraekakaho Road is a main road corridor heading south out of Hastings, while Southampton Street West is a suburban connecting road. There are also a range of amenities within walking distance.

Following last year s extreme weather events, the Hawke s Bay region continues to make a steady recovery and over the long term, the Hasting District s economy has performed strongly, underpinned by its horticulture sector.

Data from Infometrics notes economic growth in the Hastings District averaged 3.2 per cent per annum over the 10 years to 2023 compared with an average of 3 per in New Zealand.

- Supplied by Colliers