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Chance to develop Napier’s last fringe commercial corner site - Colliers

Contributor:
Fuseworks Media
Fuseworks Media

Napier’s last remaining undeveloped, Fringe Commercial zoned corner site is for sale through Colliers International.

Prominently positioned on the busy corner of Thackeray and Faraday Streets, the property provides 3,131sq m of freehold land across six titles.

It features a commercial building, two residential dwellings and vacant land, all with great exposure to one of the key thoroughfares into Napier’s CBD.

The entire site is zoned Fringe Commercial, which allows for a multitude of uses including residential, retail and office, as well as trade supply and light industrial.

Colliers International is marketing 57, 59 and 65 Thackeray Street and 15 Faraday Street, Napier, for sale by deadline private treaty. Offers close at 4pm on Thursday 16 July, unless sold earlier.

Danny Blair of Colliers Hawke’s Bay says the six titles provide an excellent development opportunity if purchased together.

"This high-profile corner site is well positioned in the heart of Napier, within an easy walking distance of the CBD, Mclean Park sports ground, Nelson Park and very good schooling.

"It offers holding income from one commercial and two residential leases, providing solid returns while a new owner plans to unlock the site’s full potential. With multiple titles and a flexible layout, the site is also ideal for staged redevelopment.

"This is the last chance to secure the only remaining undeveloped, Fringe Commercial zoned site in Napier."

Calum Ironside of Colliers Hawke’s Bay says the property’s exposure and flexible zoning provide abundant options in a proven area.

"The property is well located in Napier’s main vehicle dealership hub, which is home to best-selling brands including Ford, Holden, Toyota and Suzuki.

"Other popular brands in the area include Hyundai, Isuzu and Subaru, alongside European and luxury auto brands Mercedes Benz, Renault, Jaguar, Land Rover, Volvo and BMW.

"Complementary automotive businesses nearby include Repco, Tony's Tyre Service and Hawke’s Bay Auto Electrical.

"The area is also home to a number of convenience and large format retailers, including Pizza Hut, McDonald’s, two Countdown supermarkets, Warehouse Stationery, Jets Gym and a liquor shop."

The largest lot for sale, at 65 Thackeray Street, comprises an L-shaped site of 1,482sq m spanning three titles. It features a 760sq m building with superb corner profile that has been split into multiple tenancies.

The main tenancy is occupied by the Royal New Zealand Foundation of the Blind, while the other tenancy has been recently vacated.

The adjoining sites at 57 and 59 Thackeray Street are roughly 505sq m each. Both feature 1920s dwellings of 180sq m each over two floors.

The remaining title at 15 Faraday Street is a flat, vacant site of 404sq m that is currently used as excess car parking.

"Whether you purchase to develop or land bank this property, there is a serious upside to be gained," says Blair.

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