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Secure split-risk investment with upside in heart of Napier’s industrial hub

Secure splitrisk investment with upside in heart of Napiers industrial hub

A premier opportunity to secure the land and buildings on a prime corner site in the heart of Napier’s industrial hub has become available, providing massive appeal to developers, investors and owner-occupiers looking for high-quality assets with future growth potential.

The properties on offer at 31 and 35 Carnegie Road in Onekawa comprise three adjoining freehold titles and an impressive total area of 4,032sq m of prime industrial land.

The high-profile site with dual access is occupied by four tenants leasing approximately 2,511 sqm of space. The tenants currently provide net annual rental income of $193,000 plus GST. However, further rental upside is potentially on offer due to current under-renting when compared to market rents on offer across the region.

Colliers Hawke’s Bay Broker Rob Nankervis, who is marketing the properties alongside colleague Calum Ironside, notes the properties provide a variety of income across multiple tenants, which will be a key drawcard. The tenants and lease details include:

· 31 Carnegie Road, occupied by anchor tenant Taradale Production Engineering, provides total gross rental income of $165,000 plus GST per annum. The three-year term of the tenancy commenced in April 2019 with one further right of renewal for three years.

· The Nox, a well-known and popular CrossFit facility, is the other tenant at 31 Carnegie Road that leases approximately 499sq m of floor area on a monthly basis. The tenancy gross annual rental income equates to approximately $36,048 plus GST per annum.

· The neighbouring property at 35 Carnegie Road is occupied by Wedderburn Scales and a food processing business on monthly leases. Gross annual rental income of the two tenants equates to approximately $25,176 plus GST.

Ironside says industrial properties of scale like this with upside are highly sought-after in Napier.

“We expect significant interest in this property from a wide range of buyer types, including investors, owner-occupiers or developers,” Ironside says.

“The industrial sector has seen significant growth in recent years, rental rates have climbed, and vacancy rates in the Napier industrial area for sites larger than 1,000sq m are practically non-existent.

“While it will most likely be a local purchaser who ends up as the new owner, we are witnessing a larger number of buyers from outside of the region become more active in the area.

“Hawke’s Bay’s economy has performed strongly for a number of years and we are now securely on the map as an investment destination given the capital growth and attractive yield environment on offer.

“As a result, industrial investment properties are now seen as the ‘golden egg’ of available investments and are continuing to break price records month on month.”

Nankervis notes the properties’ attractiveness financially is boosted by the fact that this high-profile industrial site is located less than 300m from Taradale Road, a key link for the Hawke’s Bay Expressway.

“The property is less than five minutes from the Hawke’s Bay Airport and the Port of Napier providing massive locational benefits, making this as a must-see purchasing opportunity,” Nankervis says.

The property is for sale by tender closing on Wednesday 8 September.

Related Experts

Rob Nankervis


Hawke's Bay (Commercial)

Rob has a solid foundation of real estate experience, having spent the past twenty years in the industry.

With a Business Diploma endorsed in property management and valuation from Massey University, Rob applies his extensive rural, residential and industrial real estate experience to his role as a broker at Colliers Central Region.

Rob joined Colliers in 2011, specialising in industrial and commercial sales and leasing. His background has prepared him well for industrial real estate, having had business and senior management experience in addition to his previous roles in real estate. Over the years he has gone about his business, building up extensive networks across the Bay and establishing key relationships in the industry.  

Rob has a huge knowledge base around the industrial, agriculture and horticultural markets and as a result of this, has a clear understanding of his vendor’s needs and wants.

A successful broker in every right, Rob adds a great dynamic to the Colliers Hawke’s Bay Team.

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Calum Ironside


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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