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Chance to develop Napier’s last fringe commercial corner site

5765 Thackeray Street and 15 Faraday Street Napier  hero

Napier’s last remaining undeveloped, Fringe Commercial zoned corner site is for sale through Colliers International.

Prominently positioned on the busy corner of Thackeray and Faraday Streets, the property provides 3,131sq m of freehold land across six titles.

It features a commercial building, two residential dwellings and vacant land, all with great exposure to one of the key thoroughfares into Napier’s CBD.

The entire site is zoned Fringe Commercial, which allows for a multitude of uses including residential, retail and office, as well as trade supply and light industrial.

Colliers International is marketing 57, 59 and 65 Thackeray Street and 15 Faraday Street, Napier, for sale by deadline private treaty. Offers close at 4pm on Thursday 16 July, unless sold earlier.

Danny Blair of Colliers Hawke’s Bay says the six titles provide an excellent development opportunity if purchased together.

“This high-profile corner site is well positioned in the heart of Napier, within an easy walking distance of the CBD, Mclean Park sports ground, Nelson Park and very good schooling.

“It offers holding income from one commercial and two residential leases, providing solid returns while a new owner plans to unlock the site’s full potential. With multiple titles and a flexible layout, the site is also ideal for staged redevelopment.

“This is the last chance to secure the only remaining undeveloped, Fringe Commercial zoned site in Napier.”

Calum Ironside of Colliers Hawke’s Bay says the property’s exposure and flexible zoning provide abundant options in a proven area.

“The property is well located in Napier’s main vehicle dealership hub, which is home to best-selling brands including Ford, Holden, Toyota and Suzuki.

“Other popular brands in the area include Hyundai, Isuzu and Subaru, alongside European and luxury auto brands Mercedes Benz, Renault, Jaguar, Land Rover, Volvo and BMW.

“Complementary automotive businesses nearby include Repco, Tony's Tyre Service and Hawke’s Bay Auto Electrical.

“The area is also home to a number of convenience and large format retailers, including Pizza Hut, McDonald’s, two Countdown supermarkets, Warehouse Stationery, Jets Gym and a liquor shop.”

The largest lot for sale, at 65 Thackeray Street, comprises an L-shaped site of 1,482sq m spanning three titles. It features a 760sq m building with superb corner profile that has been split into multiple tenancies.

The main tenancy is occupied by the Royal New Zealand Foundation of the Blind, while the other tenancy has been recently vacated.

The adjoining sites at 57 and 59 Thackeray Street are roughly 505sq m each. Both feature 1920s dwellings of 180sq m each over two floors.

The remaining title at 15 Faraday Street is a flat, vacant site of 404sq m that is currently used as excess car parking.

“Whether you purchase to develop or land bank this property, there is a serious upside to be gained,” says Blair.


Related Experts

Danny Blair

Broker

Hawke's Bay (Commercial)

Having worked in commercial real estate since 2006, Danny is a Director and shareholder of Colliers Hawke's Bay And Taupo.

Danny has been involved in multiple transactions throughout the past decade, specialising in sales and leasing solutions for corporate tenants, government agencies, investors and developers alike.

Danny has progressively established his position in the Hawke’s Bay commercial property market as ‘the top broker’ across the region. He has been the lead broker on some of the largest transactions in the Hawke’s Bay property market over the last five years, including The Tomoana Food Hub, which sold in excess of $40M+ at a yield of 6.23%. This is the largest industrial sale in Hawke’s Bays history, Further sales include 37 Johnston Way, Hastings which recently sold at a record yield of 4.95%. Danny has sold in excess of $270M worth of commercial real estate within the Hawke’s Bay region alone.  In 2016, 2017, 2018 and 2020 Danny was awarded Colliers top broker in Hawke’s Bay.

 

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Calum Ironside

Broker

Hawke's Bay (Commercial)

Calum grew up in Hawke’s Bay and completed his schooling here, before becoming Tertiary qualified in Economics and Accounting at Otago University, and then completing a Graduate Diploma in Oenology and Viticulture at Lincoln University. Over the 7 years prior to joining Colliers, his time was spent building a career within the Wine Industry, working for the likes of Sileni Estate, Villa Maria, NZ Wine Cellars, Asahi and Treasury Wines. After eventually ending up in Singapore with Asahi Beverages, Calum decided to return home to Hawke’s Bay, and take on a new challenge within Commercial Property.

 

Since joining Colliers, Calum has quickly become a leading Industrial & Commercial broker within the Hawke’s Bay team. Having a standout year in 2019-2020, he brokered 20 transactions (including 11 sales) and was named Colliers Rookie of the Year. He has made the Napier Industrial areas of Onekawa and Pandora his own, being involved in close to 60 percent of all sales and the vast majority of leasing activity. Calum can now proudly state he has brokered over $30million in transactions, an unparalleled feat for the first full year of brokerage. He has quickly become one of Hawkes Bays top industrial specialists, with clients appreciating his ability to network effectively, as well as be cooperative and friendly. A confident and personable broker, Calum brings an enthusiastic and analytical approach, and now an impressive track record of recent sales and leases.

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