Split-risk Onekawa Napier investment

5:14 PM Friday August 3, 2018 True Commercial

The building at 1 Wakefield St on the corner with Niven St has three tenancies. Photo / Supplied

A well-located, split-risk commercial property investment is for sale at the centre of Napier’s industrial hub.

Colliers International has been exclusively appointed to market 1 Wakefield St, Onekawa, for sale by negotiation.

Peter Chrisp of the agency’s Hawke’s Bay office says the 2006sq m freehold corner property comprises a large yard and a 1000sq m office and warehouse building split into three tenancies.

“Located on the busy intersection of Wakefield and Niven Sts, this expansive property provides for multiple opportunities,” he says.

“It is in the heart of the Onekawa, Napier’s main industrial estate, some 4km southwest the CBD.

“This popular business precinct is home to a range of local, national and multinational companies including Ullrich Aluminium, Metro Glass, Stratco, NZ Post, Fastway Couriers and Markham.

“Onekawa is close to the Napier-Hastings expressway and benefits from good proximity to Hawke’s Bay Airport and the Ports of Napier.”

Chrisp says the property features a large, secure, sealed yard that provides an ideal container handling facility.

The main tenant is Chatham Island Shipping, which occupies a 600sq m main workshop and about 30sq m of office space. The company is signed to a three-year lease paying $42,000 net annual rent.

Three rights of renewal of three years each extend the total lease term to 2028, with market rental reviews on renewal. The next review is due in June next year.

Nelson Line Marking occupies 80sq m of office space and 20sq m of warehousing. The company is signed to a two-year lease earning $10,000 net in annual rent.

The next rent review is on renewal in December, with a further two-year renewal extending the total lease term to December 2023.

The remaining tenancy, on the corner of the site, comprises 270sq m of dedicated office space.

It is now vacant but could earn a projected $24,300 in annual rent once leased.