A change in family circumstances has resulted in a long-held, prominent art deco building standing at the gateway to Central Napier’s retail precinct being placed on the market for sale.
The two-storey building on the corner of Emmerson and Hastings streets was built in 1932 in the ‘stripped classical’ art deco style to house a banking chamber – with a bank still the primary tenant in the premises some 86 years on. Maori motifs feature extensively on the building’s interior.
The Emmerson and Hastings street corner location sits in the heart of Central Napier’s retail precinct, in a part of the city occupied by brands such as the ANZ Bank, TSB Bank, Pascoes The Jewellers, Farmers, Kathmandu, and the recently refurbished Central Post Office building.
ASB as lead tenant occupies 467 square metres of the property on a six-year lease running through to 2023 with a further six-year right of renewal.
The ground floor with its six metre ceiling height contains standard banking operations – such as an open-plan reception area, teller counters, and several small offices/ customer meeting rooms. Upstairs, what was originally the bank manager’s accommodation has been gradually converted over several decades to now be the bank’s staff room and toilets, along with administrative offices.
Meanwhile, fashion retailer Opossum World occupiers 346 square metres of the building on a four-year lease running through until 2022 with a further four-year right of renewal. The bulk of Opossum World’s retail space is at street level, with the remainder in the basement.
Combined, the tenancies are generating an annual rental return of $191,850 plus GST. Now the 1038 square metre art deco building sitting on some 794 square metres of freehold land at 100 – 106 Hastings Street is being marketed for sale by tender through Bayleys Napier, with tenders closing at 2pm on September 20.
Bayleys Napier salesperson Sam MacDonald said significant additions were made to the building in 1965 when the property was extended and an adjacent retail space added along the Hastings Street frontage.
Mr MacDonald said that following structural strengthening works undertaken in 2013, the building had a New Build Standards rating of at least 67 percent, and was zoned inner city commercial – art deco quarter, under Napier City’s planning classifications.
“ASB, as do the other multiple banking brands in immediate proximity, enjoys the prominent dual-street frontage, while fellow tenant Opossum World benefits from the high foot traffic moving through this character-filled part of the city’s central business district,” Mr MacDonald said.
“There is considerable rental upside to be derived from the property – with some 225 square metres of first floor office space currently vacant.
“The upper level vacant commercial space overlooking Hastings Street is configured in such a way that lends itself toward a single tenancy area supported by its own reception area, bathroom amenities, and windows overlooking the street.
“Ideally, the vacant open-plan commercial space – accessed from Hastings Street by a stairway - is suited for office occupancy by the likes of a professional or business services firm.”