- For Sale
Positioned in a high-profile location on the fringe of Napier CBD is a modern 379m² unit title investment currently tenanted by Paisley Stage. Unit Two is on the first floor of a two-storied commercial building which was originally constructed in the early 90’s as a gymnasium and physiotherapy complex. The building has an A grade seismic rating of 91% NBS. The site comprises 931m² of land and has exclusive pedestrian access from Craven Terrace, plus the use of circa 300m² of sealed common area from Carlyle Street with inclusive allocation of 9 parks.
Paisley Stage have leased the property from 26 October 2017 with an initial term of 4 years with rights of renewal for 3 x 4 years and market rent reviews on renewal. Paisley Stage is a licensed live music venue renowned for its quality acoustics and includes a sub-tenancy with Napier Music Academy who brings music education to our community. The Unit also comes with the bonus of extra rental from advertising on a high profile signage board on the units exterior, currently leased.
Given the building’s high-profile location, and rent renewals due in October, an astute buyer will surely benefit from these opportunities.
Ref #: 20749472