A massive 2.96ha freehold industrial site in Napier’s tightly held Onekawa commercial precinct is for sale with abundant potential to add value through development and subdivision.
Located only 4km from Napier’s CBD, the property at 96 Austin Street is being offered to the market as a single site or as three subdivided lots of 5668sq m to 1.58ha, subject to resource consent.
The property will suit occupiers, investors or developers looking for a new base or a chance to capitalise on Onekawa’s strong rental land value growth.
An incoming owner will also benefit from short-term passing income from a yard-based tenant, providing cashflow while making plans to unlock the site’s future potential.
Colliers International has been exclusively appointed to market the 29,645sq m property for sale by deadline private treaty closing at 4pm on Thursday 8 October, unless sold prior.
Rob Nankervis, Commercial Broker at Colliers Hawke’s Bay, says it is a significant opportunity to secure a prime industrial development site.
“Centrally positioned within the sought-after Onekawa industrial precinct, the property boasts excellent connectivity to the Port of Napier and the Hawke’s Bay Expressway.
“It comprises a well-compacted hard pack yard space with easy access off Austin Street via a formed and sealed 20m-wide entrance that caters for all sizes of trucks.
“The property offers significant development opportunities by either leveraging off the vendor’s draft subdivision plans or starting from a blank canvas to suit requirements.
“The site is offered for sale as either a single landholding or as three subdivided lots of 5,668sqm, 6,668m and 1.58ha respectively, subject to resource consent.
“The vendor has also prepared an alternative subdivision plan, subject to resource consent, comprising nine lots of 1,638sq m to 7,451sq m plus a shared accessway with truck manoeuvring space.
“A new owner could purchase the entire site and further explore a new development along these lines, capitalising on strong demand for smaller vacant industrial sites.
“The property’s huge potential in the congested Napier industrial market – underpinned by the increasing rarity of similar offerings in the national and local arenas – makes it a must-consider for buyers with big aspirations.”
The property is currently leased to ContainerCo, which uses the site for container storage. The lease returns an interim net rental of $203,000 per annum plus operating expenses, currently subject to an expert determination process.
An annual rental review is due next month ahead of final lease expiry in April 2021.
Calum Ironside, Commercial Broker at Colliers Hawke’s Bay, says the property is well positioned within Napier’s main industrial estate.
“Onekawa is highly sought by tenants due to its excellent access and proximity to major residential areas and a good source of labour.
“The property for sale is located 4km southwest of Napier’s city centre and 200m from the Hawke’s Bay Expressway interchange at Prebensen Drive, providing easy access both north and south.
“The site sits on the eastern side of sought-after Austin Street, almost adjacent to the intersection with Prebensen Drive.
“Austin Street is the principal route through the Onekawa industrial area, running between the main arterials of Prebensen Drive to the north and Taradale Road to the southeast.
“Recent roading upgrades have significantly improved traffic flows on Austin Street. These include new slip lanes for left-turning traffic at the Prebensen Drive intersection, and a new link between Ford Road and the Severn Street roundabout, improving connectivity to the Pandora industrial area.”
The surrounding area is characterised by local industrial and national bulk retailers servicing a population base of over 65,000 people.
Among the well-known businesses nearby are FPG, Mainfreight, ISO, All Secure Storage, Mitre 10 Mega, Big Save, Pan Pac and a soon-to-be-completed Kmart development.
Ironside says opportunities to secure development land in this sought-after area are few and far between.“This is an incredibly rare chance to secure a huge site with significant upside in Napier’s most tightly held and established industrial hub.”