A high-profile trophy investment in Hawke’s Bay’s sought-after Havelock North presents buyers with a premier purchasing opportunity in a tightly held location that has significant long-term upside.
33-35 Napier Road and 37 Napier Road, Havelock North are being presented to the market as a combined offering.
33-35 Napier Road is home to the 1,565sq m two-storey Village Health Centre that sits on 2,044sq m of land and houses seven medical tenants. The property provides $360,172 plus GST in combined net annual rental income.
Sitting adjacent to the health centre is a 100sq m three-bedroom residential dwelling on 1,022sq m of land at 37 Napier Road. The property is currently tenanted and returns $21,840 in rental income per annum, based on a weekly rental fee of $420.
Situated approximately 500m from the village centre of Havelock North, the health centre is a highly visible site and provides ample on-site car parking. Napier Road is a main transport route that runs between Napier and Havelock North, and experiences high volumes of vehicle traffic.
The Village Health Centre is fully occupied, comprising seven essential service tenants, while anchor tenant Te Mata Peak Practice recently signed a new 10-year lease.
The building offers a common area lobby on both floors as well as consult rooms for the tenants with stair and lift access to the 895sq m first floor from ground level. The car park, which has 19 open car parks and eight covered car parks, is readily accessed from the 670sq m ground floor.
Blair says these properties make for one of the most impressive purchasing opportunities that has been presented to the market in Hawke’s Bay this year.
“Constructed in 2000, using concrete frames and shear walls, and reinforced concrete foundations, the Village Health Centre is a premium offering that has been built to a high standard,” Blair says.
“The health centre also provides exceptional tenant covenant built on the back of the anchor tenant signing another long-term lease, which shows their commitment to the building and the area that already has low vacancy rates.
“Properties of this nature are incredibly tightly held in Havelock North and are rarely brought to the open market, which should pique the interest of buyers.”
Blair says the adjacent 1,022sq m site of 37 Napier Road was acquired for the medical centre to expand on to in time, which will provide the new owner with some future development upside and certainty that the practice has room to grow.
“Given the property is currently tenanted on solid leases, there is a steady stream of long-term income available that will give the new owner security.
“This joint offering is sure to catch the eye of buyers from within Hawke’s Bay and further afield, so I encourage all interested parties to do their due diligence and contact me immediately.”