Low vacancy rates underpin Napier design-build opportunities
A vacant large-scale landholding in Napier’s industrial precinct provides investors with a valuable design-and-build opportunity when the sector is experiencing record low vacancy rates.
The 4931sq m rear section in Pandora has easy access to Napier Port and the Hawke’s Bay expressway connecting to state highways, making it a desirable location for businesses with transport and logistics interests.
The freehold property is zoned Main Industrial under Napier’s District Plan – a classification allowing medium to large-scale industrial-focused workshops, manufacturing plants and warehousing units with a portion of office and retail space.
The property at 32 Mersey St is for sale by auction through Bayleys Napier on Friday September 30 unless sold prior.
Salesperson Mark Evans says the flat, regular-shaped site has an effective build area of 4000sq m and the property’s zoning permits 75 per cent site coverage. “A chronic shortage of bare land sites for development across Napier underpins the property’s value as a design-andbuild project.
“Purchasers may develop warehousing or manufacturing units to capitalise on lowvacancy levels for industrial property across the region.
“The seller, who is an experienced developer, is prepared to work with an owneroccupier to provide best-suited plans for the site, which lends itself to multi-unit development or a large warehouse.
“The vendor can provide land and designand-build packages with some existing designs available for the site.
“Multi-unit projects have proven extremely popular recently with investors, trades-based businesses and hobbyists looking for modern and secure warehousing, which continues to drive demand for smaller warehouse accommodation.”
Pandora is primarily an industrial area that connects large-format retail around Prebensen Drive to the southwest and residential housing to the north, flanked by Ahuriri Estuary, the inner harbour, apartments and hospitality.
Evans says a swelling local population continues to drive residential demand in and around Napier, with a flow-on effect for the commercial and industrial sector as national operators increase their regional presence.
“With supply chains flowing more freely and interest rates stabilising, development has become a more attractive option for investors which could realise several tenancies in various configurations depending on spatial requirements.”
He says the site is ideal for businesses that are not reliant on profile.
Its location, set back from the street, provides privacy and is easily accessible via a hard-filled shared driveway.