Art Deco jewel shines in central Napier
A character heritage building in central Napier that is fully tenanted is being presented to the market for the first time in more than 50 years.
The property at 36-40 Tennyson St, known as the Bowman Building, was built in 1932 and has a commanding street presence.
Home to a diverse mix of 17 office and retail tenants, the occupants include high-profile retailers such as a Michael Hill jewellery store and Alexanders on Tennyson menswear as well as The Cosmetic Clinic.
There is 1730sq m of total floor area on a 956sq m landholding zoned Art Deco Quarter by Napier City Council.
The lease schedule includes a mixture of long-term agreements and short-term arrangements. Total annual rental income is $442,242 plus GST and operating expenses.
Designated a Historic Category 2 building, it sits on Tennyson, Emerson and Market streets and is a must-see of the Art Deco circuit with all tenants benefiting from the outstanding location. There are nine retail units in total with eight office tenancies.
Ash Hames, commercial broker at Colliers Hawke s Bay, is marketing the property via deadline private treaty closing 3pm, Thursday March 28, unless sold prior.
Originally designed by local architect J.A. Louis Hay, known for his works in the city following the 1931 Hawke’s Bay earthquake, the building is a timeless masterpiece that also benefits from a lift used to transport larger furniture items to the first floor.
The first-floor offices have been modernised and are accessed via a grand stairwell and wide hallway as the building retains many of its original features.
In 2012 the ground floor underwent strengthening work and a significant fit-out took place in the tenancy occupied by The Cosmetic Clinic in 2021.
Hames says this is one of the most attractive buildings in the city and an eye-catching feature of the Art Deco precinct.
“With a steady rental stream, the fully leased property makes for a compelling investment opportunity for discerning buyers,” Hames says.
“Given it has been placed on the market for the first time in a generation it indicates how tightly held properties such as this one are in central Napier. They’re rarely available on the open market.
“The tenancy mix means there’s a collection of wellknown local and national businesses, while the offices are attractive for the occupants as they’re surrounded by a host of amenities.”
The strategic location means it benefits from the foot traffic of Market St, while Upper Emerson St is popular with Australasian retailers such as Rembrandt, Cotton On and Platypus Shoes, as well as national brands including One, Barkers and Icebreaker. Tennyson St is occupied by retail and professional service tenants, while also being a wellknown destination for bars, restaurants and cafes.