Character freehold office building in central Hastings

Two-storey office and retail for sale on Queen Street East, Hastings

Investors and owner-occupiers are being offered the opportunity to secure a freehold character building in a prime central Hastings location.

Colliers International Broker Danny Blair has been exclusively appointed to market 120 Queen Street East, Hastings, for sale by negotiation or for lease.

Blair says the property offers $147,202 in net annual holding income until September, making it ideal for owner-occupiers and add-value investors.

“The property is extremely well located in the heart of Hastings CBD, with a number of key amenities close by.

“The building itself is in keeping with neighbouring Napier’s world-class Art Deco style, offering a well maintained exterior and a tidy interior fit out.

“The property boasts a total of 20 onsite carparks, ensuring full accessibility for all staff.”

Built in 1907, the property comprises a two-level 980sq m building on a 1,263sq m site.

The ground floor is a mix of offices and an area currently set up as a small gym.

The first floor comprises partitioned offices that offer a functional space with various options for professional use.

“Superbly located amongst a variety of national retailers and banks, this property is just two blocks from the Clock Tower and Civic Square.

“The irregularly shaped site means it has access points at the building entrance on Queen Street East and the driveway at Ave Road East, where ample parking can also be accessed.”

The building has an initial seismic assessment in excess of 67 per cent of the new building standard, meaning it is fit for occupation.

Tenant Cape Physiotherapy provides holding income until its eight-year lease expires on 2 September. The lease contains one right of renewal of four years.

Cape Physiotherapy describes itself as a “forward thinking” clinic whose practitioners strive for personal and professional excellence.

The company shares its reception area with Acupuncture Heretaunga, which offers an on-site acupuncturist.

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