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Bayleys Research


ANNUAL 2007 HAWKES BAY REGIONAL FOCUS

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SHOP UNTIL YOU DROP

Confidence in the Hawkes Bay retail market remains buoyant with high occupancy rates, an active leasing market which continues to attract national brands to the area and new developments both underway and proposed for the short term future.

The results of the latest retail survey conducted by Logan Stone illustrate the current positive mood of the market with occupancy rates remaining at historically high levels. The survey area comprises the core town centre streets in each of the region’s major retail precincts. The only reduction in occupancy rate noted since the last survey conducted in February was in Havelock North, however, the reduction comprises just one unit and is the first time that occupancy has been less than 100% since the February 06 survey.

As the above figures suggest well located retail space in the region is tightly held or, should it become available, is generally quickly re-leased.

Refurbishments or new developments in the area have proved popular with tenants. Following its relocation to a new purpose built 8,000m2 property in Prebensen Drive, Mitre 10’s original premises in Dickens Street is to be refurbished and split into two separate units of 500m2. Both units have been pre let to Toyworld and BabyFactory at rents equating to approximately $200 perm2.

Two developments in Carlyle Street Napier, one completed and one currently under construction have attracted national brand tenants such as Hell Pizza, Mad Butcher and Burger Fuel with the lettings setting new rental benchmarks for the area.

Large format opportunities are also subject to high levels of tenant inquiry. The Russell Street development in Hastings has been fully leased down with tenants such as Payless and Dick Smith Electronics having taken occupation.

Following a public referendum which gave the green light to the redevelopment of Nelson Park for bulk retail purposes, the city council has sold the 5.1 hectare site to Australian Property fund Charter Hall Group at a reported price of $18.6 million. Once developed the site could provide up to 18,800m2 of floor space and car parking for 773 cars. It has been reported that the fund is currently in negotiation with two anchor tenants who will occupy a majority of the site.

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