Buyers Eye Options As Lender’s Former City-fringe Premises Go Up For Sale

The property housing the modern, refurbished former offices of a leading home loan provider has been put up for sale on a high-profile site on Napier’s CBD fringe.

The currently vacant two-storey freehold property on a highly-visible corner site at 16 Carlyle Street has recently refurbished ground-floor offices which contain an open-plan workspace and reception areas, with meeting rooms, a board room, staff room and amenities.

The building’s first floor is leased to residential tenants as a two-bedroom flat.

The property has a total assessed net market rental earning potential of more than $50,000 per annum.

The land and building at 16 Carlyle Street, Napier, are now being marketed for sale by way of an auction on Friday 30 April, through Bayleys Napier.

Salesperson Mark Evans said the building of approximately 220 square metres sat on some 190 square metres of freehold land. The site incorporated one car parking space plus a car port.

The vacant, ground-floor commercial accommodation with a net area of some 125 square metres had estimated net market rental potential of $36,000 plus GST per annum, he said.

“These modern, well-presented offices are the result of a high-quality refurbishment undertaken to accommodate New Zealand Home Loans. Only a change to the vendor’s personal situation and a unique opportunity to amalgamate two of the business’s franchises have enabled this opportunity to come to the market now,” said Mr Evans.

The approximately 90 square metres of first-floor residential accommodation encompasses two bedrooms, a bathroom, a small kitchen and lounge. This is occupied on a fixed-term tenancy until June 2021, earning $350 per week.

“There is an opportunity to add value to the flat, to maximise benefit from the growing demand for inner-city living,” said Mr Evans.

“Alternatively, there is an option to expand commercial activity to the first floor, providing investors or owner-occupiers with flexibility to fully capitalise on the building’s location and prominent position on Carlyle Street.”

Built in the 1960s, the Carlyle Street property consists of a concrete block construction on a concrete slab foundation and floor, with aluminium and timber joinery and trough section steel roof. A detailed seismic assessment has provided the structure with a rating of 70 percent of new building standard.

“One of the property’s most attractive attributes is its fantastic visibility on a main arterial route and busy intersection on the fringe of the CBD,” said Mr Evans.

“This location offers good connectivity to customers, both commercial and residential. With more than 24 metres of commercial frontage to Carlyle and Tennyson streets, on a prime corner site, the property provides outstanding branding and signage opportunities to promote the occupant’s business.

“The site’s Fringe Commercial zoning under Napier City Council’s district plan offers a variety of commercial use options, subject to consent, to those wanting to maximise benefit from the excellent location, profile and situation close to the CBD.”

Mr Evans said this was a relatively flexible zone providing for commercial service activities with a mix of floor areas and types, while also comprising much of the city’s office accommodation.

Businesses neighbouring the Carlyle Street site include a number of well-known national and international brands, such as Countdown, PAK’nSAVE, McDonald’s, KFC, The AA, plus BP and Z service stations. Other amenities within walking distance include gyms, wellness centres, shopping and medical centres.

The property is also close to a number of well-respected schools.

Mr Evans said the Hawke’s Bay’s fast-growing population, recently surpassing 160,000, continued to lift demand for representation in the region from major New Zealand and global brands.

“Just a short distance from popular residential areas and within walking distance of Napier’s CBD, 16 Carlyle Street is a strategic fringe commercial location.

“Public transport is readily available across the road at the city’s main bus terminal and the site’s positioning on a main arterial route facilitates easy road connections within and across the city,” Mr Evans said.

Click here for more information on the listing.

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