The home of Westpac Napier has all the key ingredients for investment
The home of Westpac Napier is on the market for the first time in over 35 years, offering a passive investment opportunity backed by a strong national tenant.
The property at 28 Dickens Street is for sale by tender closing Wednesday 19 June at 4pm.
Dan Walker of Colliers International Hawke’s Bay says the property offers all the key ingredients.
“A new three-year lease to Westpac provides a golden opportunity to acquire a blue-chip investment property.
“The annual net rental is $175,000 plus all outgoings, in addition to multiple rights of renewal.
“It’s centrally located at the top end of Dickens Street in the CBD, benefiting from good exposure and high foot traffic.
“Neighbouring retailers include popular department store Farmers, as well as Kathmandu, Macpac and Vodafone.
“An A-grade seismic rating makes for a solid investment, and future development potential by splitting the tenancies completes the package.”
The 963sq m site is zoned Inner City Commercial with 840sq m of internal space across two levels.
On the ground floor are retail banking facilities with lift access to modern offices on the first floor.
The property is complemented by 17 onsite car parks.
Napier is one of the two main centres of the Hawke’s Bay region, slightly less populated than its counterpart Hastings, but benefitting from closer proximity to both the seaport and main airport.
Renowned for its unique concentration of Art Deco architecture, Napier is very popular among tourists.
The city is home to one of the most photographed attractions in New Zealand, a statue on Marine Parade named Pania of the Reef.
The Hawke’s Bay has also become an important grape and wine production area, with the grapes grown around the region being sent through the Port of Napier for export.
The outskirts of Napier is home to some of New Zealand’s most distinguished wineries including Mission Estate and Church Road that are also a draw card for visitors and workers to the area.
“As the Hawke’s Bay region becomes an increasing popular destination among tourists and movers alike, this rare blue-chip investment in Napier CBD presents an appealing opportunity for the discerning buyer,” Walker says.
Get the latest commercial real estate insights and property news.