Offices in demand as Havelock North eyes role as financial hub

8:21 PM Friday October 11, 2019 True Commercial

31 Napier Rd is for lease on a corner of Havelock North’s main road. Photo / Supplied

New office developments and a thriving economy are starting to transform Havelock North into a future Hawke’s Bay financial hub, putting pressure on occupiers seeking space in the tightly held market.

Danny Blair, director of Colliers International Hawke’s Bay, says the town has very little office vacancy — and a recent influx of leasing activity means remaining vacancy is tight.

“We’ve seen numerous investment advisory and management firms establish offices in Havelock North in recent years, putting the town in a position to become a regional financial hub.

“It’s an attractive location due to its relatively affluent  population and its proximity to key markets in Hastings and Napier.

“The newest entrant is Craigs Investment Partners, which  moved into a  new office building in the Joll Rd commercial precinct earlier this year.

“Other prominent investment firms operating out of Havelock North include Pie Funds and Jarden.”

Blair says the strength of the  Hawke’s Bay economy, especially in the horticultural and tourism sectors, is also contributing to demand for office space.

“We’re seeing more and more national businesses establishing offices in Hawke’s Bay to capitalise on the regional economy’s success.

“Many of these businesses are choosing Havelock North, which is fuelling urban renewal in the town centre.”

Modern offices and refurbished character buildings with good seismic ratings are particularly in demand.

Blair says there is likely to be strong interest in a large, modern office building  for lease on a high-profile corner of Havelock North’s main road.

At 31 Napier Rd,  by the intersection with Karanema Dr, the property offers 1048sq m of office space along with 20 covered onsite car parks.

“Constructed in 2009, the building is finished to a very high standard and presents well,” said Blair.

“It has been internally partitioned to provide both open plan and executive offices, substantial meeting room space and multiple kitchen and toilet facilities.

“The fit-out includes retractable wall partitions and good quality kitchen and bathroom fittings. Building services include air conditioning throughout and a two-level lift.

“A self-contained unit downstairs, previously used for training, has its own kitchenette and bathroom.”

Along with the main office, the property provides a 40sq m balcony, 183sq m basement, 16sq m storage garage, and 48sq m file storage area on an upper level.

The building’s corner frontage provides plenty of space for naming and signage.

The property is only 5.2km from Hastings CBD. Blair says it will appeal to a wide range of tenants including government organisations, medium-sized businesses and call centres.

“The building can also be split, providing potential for the upstairs and downstairs to be leased separately. Alternatively, it  could be repositioned as a medical practice.”