A vacant, large-scale landholding in Napier’s industrial precinct provides investors with a valuable design-and-build opportunity as the sector is experiencing record low vacancy rates.
The 4,931 square metres (more or less) rear section in the Napier suburb of Pandora has easy access to the Napier Port and Hawke’s Bay expressway connecting to State Highways north and south, making it a desirable location for businesses with transport and logistics interests.
The freehold property is zoned Main Industrial under the Napier City Council District Plan – a classification allowing medium to large-scale industrial-focused workshops, manufacturing plants and warehousing units with a portion of office and retail space.
The property at 32 Mersey Street is scheduled for sale by auction (unless sold prior) through Bayleys Napier at 3pm on Friday 30 September.
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Salesperson Mark Evans says the flat, regular-shaped site has an effective build area of 4,000 square metres (more or less), and the property’s zoning provides 75 percent site coverage.
“A chronic shortage of bare land sites for development across Napier underpins the property’s value as a design-and-build project.
“Purchasers may develop warehousing or manufacturing units to capitalise on low-vacancy levels for industrial property across the region.
"The seller, who is an experienced developer, is prepared to work with an owner occupier to provide best-suited plans for the site which lends itself to multi-unit development or a large warehouse.
“The vendor can provide land, and design-and-build packages with some existing designs available for the site.
“Multi-unit projects have proven extremely popular recently with investors, trades-based businesses and hobbyists looking for modern and secure warehousing, which continues to drive demand for smaller warehouse accommodation.”
Pandora is primarily an industrial area that connects large-format retail around Prebensen Drive to the southwest and residential housing to the north, flanked by the Ahuriri Estuary, inner harbour and quayside apartments and hospitality.
Evans says a swelling local population continues to drive residential demand in and around Napier, with a flow-on effect for the commercial and industrial sector as national operators increase their regional presence.
“Neighbouring brands such as marine manufacturer Dickey Boats, structural steel fabricator Red Steel, container logistics firm Container Co and bridge and gantry tower manufacturer Eastbridge have established on Mersey Street, and we are seeing other operators expand their presence, putting pressure on already-tight supply.
“With supply chains flowing more freely and interest rates stabilising, development has become a more attractive option for investors which could realise several tenancies in various configurations depending on spatial requirements.
The rear site is ideal for businesses not reliant on profile. "Its strategic location set back from Mersey Street provides privacy for businesses and is easily accessible via a hard-filled shared driveway,” Evans says.
Pandora is Napier’s second-largest industrial precinct after Onekawa, benefitting from proximity to the Port of Napier, Hawke’s Bay Airport, Napier/Hastings Expressway, Ahuriri and Napier’s CBD.
- Article supplied by Bayleys
