Vautier House for sale, expected to fetch more than $10m

A architect's concept drawing of a possible redevelopment of Vautier House. Image / Supplied

An iconic Napier building has become the latest chunk of Napier city centre to be touted for a multimillion-dollar redevelopment, after Vautier House was put up for sale.

Napier City Council lists the building, which is owned by local businessman Mark Brown-Thomas, as having a capital value of $10.4m.

NAI Harcourts Hawke's Bay commercial manager Wayne Parsons said expressions of interest were now being excepted, with tenders closing on November 29.

"This is an iconic building, creative developers, owner-occupiers and active investors have various options and opportunities here to add value, with substantive holding income in the interim."

The building was one of four buildings specifically designed for the government in the 1980s and is still tenanted by the Ministry of Social Development, as well as a cafe.

It has a holding income of $720,048 a year and is built to 100 percent of National Building Standards. It comprises two separate, secure basement parking areas, three street frontages and upper levels with a 360 view of Napier city.

"Built originally for government department during the 1980s this complex stands proud, overlooking a thriving area undergoing a transformation in Napier's CBD.

"The owner has completed a preliminary unit title plan and potential apartment schemes for the upper levels."

Parsons said the site could be used for office, retail or residential purposes.

"The possibilities are endless for this property."

Vautier House on Dalton St is for sale. Photo / Warren Buckland.

A renovation of Vautier House would add to a host of new developments and re-developments around the Dalton St area of the city centre.

Hawke's Bay Chamber of Commerce chief executive Wayne Walford said he welcomed the latest development.

"The developments in the Napier CBD pave the way for a more vibrant and diverse precinct.

"Buildings that are being developed include new inner-city accommodation, either permanent or leased, which bring more people into the CBD. This is great for security, the economy and the range of services that develop by having more people in and around the CBD.

"These developments create a balance between people, place and profit and drive vibrancy. It's great to see this level of investment interest."