High-profile Napier property, car dealer comes to market
The land and buildings of a large-scale commercial site in Napier presents buyers with a range of options to secure a prominent collection of assets with significant future growth potential.
95-111 Ford Rd is spread across three freehold titles and spans 12,985sq m of total land area zoned Large Format Retail by Napier City Council.
The property contains five buildings, one of which is under construction with stage one due for completion in the second quarter of this year with tenants already in place.
The business and associated assets of EuroCity LMVD car dealership, located at
120 Prebensen Drive (111 Ford Rd), is also for sale. Buyers have the opportunity to purchase the business separately from the land and buildings.
The current total net annual rental income from the property is $1,601,491 plus GST and is derived from a mixture of tenants with additional rental opportunities yet to be capitalised on, providing a spread of risk for any potential new owner.
The property is highly visible with vast exposure to Prebensen Drive, a majo
arterial route in Napier.
Colliers brokers Daniel Moffitt and Danny Blair are marketing the property and business assets for sale by expression of interest with the deadline of 1pm on Wednesday 1 March, unless sold prior.
111 Ford Rd has 2508sq m of floor area and there is potential to renegotiate EuroCity’s lease. Their current lease offers two
renewals of six years each, leading to a final expiry of 2035.
The business was established in 2005, selling and servicing premium brands Audi, Volkswagen, and Skoda in Hawke’s Bay. MG was added to its stable of brands in 2019. The company employs more than 50 staff.
The two-storey building under construction at 107 Ford Rd will have approximately
2600sq m of floor space. Aramex NZ’s head office and local courier depot will be based in the building, and they have agreed to a
10-year lease term with two further rights of renewal for five years each.
Smith & Smith will be the other tenant and have leased more than 400sq m on the first floor to house their national call centre. Their initial lease term is five years with multiple rights of renewal in place leading to a final expiry of 2037.
Euro City Marine is an authorised regional dealer for Crownline, Finseeker, Ocean Craft Marine, Volvo Penta and Honda Marine in Hawke’s Bay and occupies an adjacent building at 107 Ford Rd.
95 Ford Rd is home to three tenants, Portacom New Zealand, MYLK and Complete Paints. Portacom and MYLK share a building, while Complete Paints occupy a
717sq m building of their own and also have an apartment that sits above MYLK.
Moffitt says the property is an attractive purchasing opportunity for a buyer to secure a sizeable stake in Napier’s commercial property market.