Options for buyers in Napier city-fringe site
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 St 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 twobedroom flat.
The property has a total assessed net market rental earning potential of more than $50,000 per annum.
The land and building 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 220sq m sat on some 190sq m of freehold land. The site incorporated one car parking space plus a carport.
The vacant, ground-floor commercial accommodation with a net area of some 125sq m 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 Evans.
The approximately 90sq m of firstfloor residential accommodation encompasses two bedrooms, a bathroom, kitchen and lounge. This is occupied on a fixed-term tenancy until June 2021, earning $350 a week.
“There is an opportunity to add value to the flat, to maximise benefit from the growing demand for innercity living,” said Evans. “Alternatively, there is an option to expand commercial activity to the first floor, providing investors or owneroccupiers with flexibility to fully capitalise on the building’s location and prominent position on Carlyle St.”
Built in the 1960s, the 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 gives a rating of 70 per cent 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 Evans. “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.”