The heritage-listed building housing a global outdoor clothing and equipment retailer has gone up for sale in the heart of Napier’s world-renowned Art Deco Quarter.
Located in the city’s main shopping precinct with high-profile frontage to Emerson Street, the fully modernised store is leased to UK-based international brand Mountain Warehouse.
Established in 1997, Mountain Warehouse has more than 350 stores and some five million customers around the globe including in Europe, the United States, Canada and New Zealand.
Its sales offering includes men’s, women’s and children’s outdoors wear, footwear, and equipment for hiking, camping, skiing and fitness.
Mountain Warehouse occupies the single-storey, central-CBD Napier store premises on a lease that runs through to 2027, with two further four-year rights of renewal. It moved to the prime Emerson Street location from another Napier site in 2019.
It currently pays an annual net rent of $145,046 plus outgoings and GST. The lease agreement locks in fixed annual rental growth of two percent, with a market rent review offering the potential for further rental uplift at renewal.
The freehold land and building at 157 Emerson Street, Napier, are being marketed for sale by deadline private treaty closing on Friday 8 December, through Mark Evans of Bayleys Napier.
The approximately 343-square-metre building sits on some 376 square metres of freehold land with some 10 metres of prominent retail frontage.
“Known as the Welsford’s Building and constructed during the art deco building boom following the 1931 Napier earthquake, the property retains its original art deco façade and this is complemented by a smart, modern fitout,” said Evans.
The building has been refurbished and strengthened to a seismic rating of 70 percent of new building standard.
“The property is zoned by Napier City Council as part of the Art Deco Quarter. This area encompasses the highest concentration of the art deco buildings for which Napier is globally renowned.
“The city attracts locals from a wide catchment area and tourists alike, boosted by an expected 92 Cruise ship visits for the 2023/24 cruise season,” Evans said.
The site for sale benefits from being on the sought-after “sunny side” of Emerson Street, with one-way vehicle access and a pedestrian-friendly streetscape. It sits in the heart of Napier’s premier shopping area, surrounded by major retailers, banks, supermarkets, and many of Napier’s most popular restaurants and bars.
“This prime central-CBD location is well supported with plenty of public parking nearby, and is easily accessible by walking, cycling and public transport.
“Recent developments and modernisation in the area have seen a constant improvement in tenant quality and renowned retail brand movements for which the property for sale is strategically positioned and easily accessible,” Evans said.