A portfolio of four properties in an area of the Napier CBD that is undergoing considerable rejuvenation are being presented to the market for sale, offering buyers the opportunity to acquire commercial assets with long-term growth potential.
The portfolio comprises a waterfront development site at 161 Marine Parade, a former backpackers accommodation at 217-229 Marine Parade, a 34-space car parking lot at 266 Hastings Street, and a commercial building at 276 Hastings Street that is home to Lighting Direct.
The properties can be purchased individually or in one line, providing an array of options for prospective purchasers.
The location will be incredibly attractive to buyers given the nearby $55 million investment from Napier City Council in Te Aka (formerly the Library and Civic Area Project), with construction due to begin in 2025.
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The council’s vision for the new library and civic area is that it will stimulate economic activity in this area of the city and encourage growth in new businesses and business confidence. It will be a safe and inclusive community place for all ages, abilities, and cultures.
Once complete, the council anticipates the area will be a special place for ceremonial events and celebrations that acknowledges Napier’s history and diverse cultures.
Colliers Hawke’s Bay Director Danny Blair has been exclusively appointed to market the properties for sale via negotiation.
-Situated across the road from the pristine Napier waterfront, the site at 161 Marine Parade spans 707sq m and is zoned Inner City Commercial.
Resource consent has been granted at the property for the construction of a five-level, 59-room hotel with one commercial tenancy.
-The former backpackers accommodation at 217-229 Marine Parade is spread across three titles and has 560sq m of total floor area on 820sq m of land that is zoned Fringe Commercial. The property includes a two-level building and a single-level building.
Sitting walking distance from Napier’s shopping and hospitality precinct, the property is perfectly placed to be repositioned given its sought-after location and surrounding views.
-The parking lot at 266 Hastings Street has 740sq m of total land area and is one of the few remaining vacant sites in the city. It could be developed to intensify the usage of the site, unlocking its true potential. It is zoned Commercial Service
-Offering 390sq m of total floor area on a 612sq m site that is zoned Commercial Service, 276 Hastings Street is a functional commercial building that is currently tenanted by New Zealand’s leading provider of lights, lamps, and home lighting.
Lighting Direct is coming towards the end of a six-year lease that began on 1 January 2018. They have one further right of renewal for six years. The property returns $93,000 plus GST per annum and there are rent reviews scheduled for every two years.
Blair says there is extensive potential attached to these properties given what could be developed in an area that is surrounded by a striking combination of local amenities, significant council investment, and the beach.
“There is something for everyone in this portfolio of commercial assets given developers will be drawn to these bare sites that offer a rare blank canvas for development in the centre of Napier, while the former backpackers accommodation offers an outstanding repositioning opportunity,” Blair says.
“The property that is occupied by Lighting Direct could be purchased as a passive investment or someone may have bigger plans for the site that involves a future development.
“It is incredibly rare to see a collection of properties such as these ones all presented to the open market at one time, and I urge all interested parties to contact me immediately to explore their options.”
- Article supplied by Colliers
