The property housing a national tyre and battery retailer and a hub run by a local iwi entity is up for sale at a commanding corner location in Napier’s city centre.
The more than 2,600-square-metre wedge-shaped site is an unmissable presence with extensive street frontage at the intersection of busy Wellesley Road and Thackeray Street.
Its buildings of almost 1,000 square metres are fully leased to national automotive chain Advantage Tyre Solutions and The Green Hub, a facility incorporating Māori business and wellness centres and offices run by a Hawke’s Bay iwi authority.
The property generates a total net rental return of $178,101 plus outgoings and GST per annum.
Start your property search
Te Taiwhenua o Te Whanganui ā Orotu administers marae and Māori-associated landholdings.
It is the mandated iwi authority for Ahuriri (Napier) and encompasses eight marae and 16 hapū (subtribes) in and around the city.
It occupies two tenancies with a combined office and warehouse floor area of some 508 square metres, plus 600 square metres of sealed car parking. These tenancies generate a net annual return of $125,000 plus outgoings and GST, on current leases that run through to 2025.
With over 50 service centres across New Zealand, the Advantage Tyre Solutions brand represents the recent coming together of two of New Zealand’s largest tyre retailers, Beaurepaires and Advantage, under a single Kiwi-owned brand.
The chain occupies its approximately 472-square-metre Wellesley Road premises, with a 510-square-metre sealed yard, on a lease that runs through to 2026, with two further five-year rights of renewal.
This returns a net rental of $53,101 plus outgoings and GST per annum. The lease agreement provides for annual CPI rent reviews, replaced by market reviews upon lease renewal.
The freehold land and buildings at 2 Wellesley Road, Napier, are being offered for sale by negotiation through Kerry Geange and Jodie Woodfield of Bayleys Napier.
Geange said the Wellesley Road property represented a quality tenanted investment, with potential for future redevelopment to optimise use of the large underlying landholding.
“The three separate tenancies, currently occupied by two tenants, provide versatility and the ability to generate diversified income streams.
"The underdeveloped, large site gives future owners the chance to add value by adding to the existing buildings, or to fully redevelop and create a new commercial asset,” said Geange.
The property is situated in Napier’s Main Commercial zone, which supports retail, hospitality, professional services and general commercial activities in the CBD, along with associated infrastructure.
Woodfield said a multi-storey office block recently completed on a similar-sized site next door, and now home to multiple government agencies, gave an example of the scale and nature of development possibilities.
“Great city centre street frontage, and corner profile, positions any new build or businesses operating from the existing buildings at 2 Wellesley Road with exceptional exposure.
“The site is surrounded by other large commercial premises, creating the perfect synergy of a substantial commercial hub. A growing population and bustling economy mean demand for good businesses and commercial properties in Hawke’s Bay remains very strong.
“This is further underpinned by significant capital investment in public and private infrastructure, which is set to continue for the foreseeable future,” Woodfield said.
- Supplied by Bayleys
