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Landmark Art deco flats and adjacent land placed on the market for sale - Bayleys

Contributor:
Fuseworks Media
Fuseworks Media

A landmark block of art deco flats on Napier’s Marine Parade dating back over 100 years has been placed on market for sale - complete with a vacant block of adjacent land with plans to create a mixed-use commercial and residential development.

The two storey block of 10 flats at 29 Marine Parade and the neighbouring undeveloped site at 25 Marine Parade both overlook the famous Norfolk pines along the city’s Pacific Ocean waterfront. The site first housed the Marine Parade Family Hotel which was built in the mid-1890s and remodeled in the early 1900s.

Architectural plans for the block of flats have scoped out the potential for a four-storey structure encompassing car parking and offices on the ground and first levels, four apartments on the third floor, and a penthouse suite on the top level. The property is just a few minutes’ walk from the city’s central business district.

Now the freehold land and building at 25 - 29 Marine Parade are being marketed for sale by negotiation through Bayleys Napier. Salesperson Mark Evans said the site’s best potential lay in developing the site and utilising the vacant land immediately adjacent to the existing structure.

"With an elevated topography, any new apartments built on the site encompassing the 965 square metre greenfield site would have sea views over Marine Parade and would comply with the land’s Napier Hill character zoning under the Napier City Council Plan," Mr Evans said.

"The concept plans already drawn up for mixed-use development of the property at 25 - 29 Marine Parade set out 28 car parking spaces, 1,015 square metres of office space, apartments ranging in size from 96 - 131 square metres, and a penthouse occupying the top floor.

"In light of how Kiwis changed their working habits during level four and three of the Covid19 lockdown, the potential for having separated residential and commercial spaces within the same living space is now far more appealing to a wider portion of the market than it was as recently as the beginning of the year."

The 705 square metre accommodation premises at 29 Marine Parade is configured into five two-bedroom residences and five one-bedroom flats. The building sits on 1,679 square metres of land and has a new building standards rating of 38 percent. The 10 flats currently generate a gross annual income of $151,1060 - increasing to $152,620 in July 2020.

"There are multiple ways in which any redevelopment of one or both sites, separately or jointly, could proceed," Mr Evans said.

"Under Napier City Council zoning, the premises could be developed into a boutique hotel. Alternatively, the dwellings could be modernised - with the consequence of increasing their rental capacity.

"The holding income generated from the existing residential tenancies will allow any potential new owner to develop a subdivision proposal which could look at incorporating the adjacent bare land section."

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