Rubber hits the road as Hawke’s Bay tyre workshop, car yard placed on market
The land and building housing a pair of nationally branded automotive-related tenancies and a Maori land management agency in Napier’s CBD have been placed on the market.
The 2617sq m wedge-shaped site on a prime highvisibility intersection houses the local workshops of second-hand car dealership 2 Cheap Cars and tyre repair outlet Beaurepaires, along with offices of Hawke’s Bay-based iwi entity The Green Hub.
Sitting on the corner of Wellesley Rd and Thackeray St, the address is zoned Fringe Commercial under the Napier City Council plan. The three tenants are separately housed within a 920sq m building.
The flat property at 2 Wellesley Rd is now being marketed for sale by negotiation through Bayleys Napier.
Salesperson Michael Su said the property was a textbook split-risk investment opportunity which benefitted from sitting on two busy roads leading in to and out of the central city.
Many of Napier’s car sales yards and automotiverelated businesses are located along Thackeray St.
“The extensive street frontages on to Thackeray St and Wellesley Rd deliver outstanding profile for 2 Cheap Cars which has its sales yard facing onto the road, supported by a single-level office space,” said Su. “The Beaurepaires portion of the building is slightly higher, allowing for prominent orange and black branding under its roofline. The tyre workshop is accessed by a wide shared driveway running down the side of the building and leading into a sealed yard for customer parking.
“The business operates four vehicle servicing bays, each with its own roller door access.
“Offices, staff amenities, and a customer reception area and waiting room are located on either side of the workshop.
“Meanwhile, The Green Hub-tenanted portion of the building sits in the middle of the two automotive tenancies, and is a typical commercial format with meeting rooms, offices, and staff amenities.”
Combined, the three tenancies generate annual net income of $148,059 + GST, with:
■ Beaurepaires on a current lease running through to 2026 with two further five-year rights of renewal
■ The Green Hub on a current lease running through to 2025
■ 2 Cheap Cars on a rolling monthly lease. “From a long-term development perspective, there is the obvious potential to intensify use of the property as the building currently on site only occupies approximately 65-70 per cent of the site,” said Su.
“The template for any such development of 2 Wellesley Rd along the lines of a new office block can be seen at the neighbouring multi-storey commercial office complex completed last year.
“Constructed on a similarly sized block of land, the premises next door accommodates multiple government agencies including the Ministry of Social Development, Oranga Tamariki and Work and Income.
“There is already an existing synergy between the two addresses, which share the communal driveway leading to the Beaurepaires business and the staff car parking spaces for the government workers.”