36 Munroe Street , Napier Central, Napier

Purchase vacant or with a 10 x 10-year lease

• Purchase with vacant possession, or with a 10 x 10-year lease in place
• Diversified income profile with hotel and commercial tenancies
• Modern, recently renovated asset providing 52 keys of accommodation
• Captive domestic and growing international tourism market, with income upside potential

With the option to purchase as vacant possession or with a long-term lease in place, 36 Munroe Street is Napier's first 5-star hotel and presents as a unique investment proposition that is exceptionally well positioned to capitalise on a captive domestic
and steadily growing international tourism market.

Converted to hotel use in 2021, this modern Art Deco-style boutique hotel offers 52 premium rooms with a restaurant and licensed bar. The hotel is supplemented by approximately 500sqm of commercial space on the ground floor, partly leased to two commercial tenants.

With a limited competitive set across 5-star hotel options in the region, the property has a competitive edge in attracting discerning travellers. Moreover, Hawke's Bay's tourism expenditure has increased by 9.29 percent in the 12 months leading up to October 2023, further enhancing the investment's potential.