It was built in the late 1920s and designed and engineered to be earthquake-resistant by Edmund Anscombe. It was one of the few major structures to survive unscathed in the 7.8-magnitude Hawke's Bay earthquake which laid waste to much of the region in 1931.
Anscombe's offices were in the Market St building. When the 1931 quake struck, he is said to have continued eating his morning tea on the site, believing an architect "should have faith in his work".
The structure had a seismic rating of 70 per cent of new building standard, Moffitt said.
All existing leases in the property for sale include clauses allowing for building re-development and further income is also possible from the sale of naming rights to tenants of existing or newly-developed spaces.
Smith said three ground-floor spaces at the main corner site for sale were fully leased, generating gross annual rental income of $128,311 plus GST per annum.
Neighbouring property 118 Market St is also for sale, which could provide a complementary opportunity through redevelopment as a substantial CBD car park, Moffitt said.
The building's "strategic location," with extensive frontage to both Market and Queen streets, was one of its strongest features.
"The property for sale lies towards the north western fringe of the Hastings CBD, one block to the north of Heretaunga St, which is traditionally regarded as the city's main retail street," Smith said.
"The property's Commercial (8C) zoning under Hastings District Council's district plan offers flexibility for a wide range of retail, office and, above ground level, for residential accommodation."
