Three storeyed office buildings of this scale are a rare commodity in Napier, particularly those with significant upside such as 116 Vautier Street.
Zoned Fringe Commercial, the location is well suited to professional offices with a growing trend towards inner city living giving the purchaser a number of options.
The land itself is a rectangular site of 1209m², with an undeveloped service lane running through the middle of the section at the rear of the building. Also on offer are 28 carparks, an invaluable asset in the tightly held Napier CBD fringe.
Site coverage is less than 50%, giving developers a significant opportunity to maximise returns for this CBD fringe property. Investors will be interested in the multi-tenancies with Willis Legal being a well-established, long-term occupant of the property. The holding income and future development potential make this a proposition well worth considering.
For sale by Deadline Private Treaty closing 4pm on Friday, 10 December 2021 (unless sold prior).
Note: 152m² of the 1363m² site is designated for the future development of a service lane.
The Information Memorandum is available for download via the Secure Documents link at https://www.colliers.co.nz/p-NZL67017052.
Ref #: 20839658
- Contact our experts for details on this transaction