The historic bank building, at 100-106 Hastings St, is in Napier's retail precinct. Photo / Supplied
The historic bank building, at 100-106 Hastings St, is in Napier's retail precinct. Photo / Supplied
A change in family circumstances has led to one of Napier's most prominent and longest-held Art Deco landmarks being placed on the market for sale.
The historic two-storey building stands at the corner of Emmerson and Hastings Sts, and is now an earthquake-strengthened structure at the gateway to Central Napier's retail precinct.
Resplendent with Maori motifs along interior walls, the building was designed in the "stripped classical" Art Deco style, in order to house a banking chamber in 1932.
Bayleys Napier salesperson Sam MacDonald says that by some quirk of fate, about 86 years on, a bank has once again become the primary tenant.
MacDonald concedes that it will be hard for those unfamiliar with Napier to fully grasp the strategic nature of the location.
"This corner site is at the heart of central Napier's retail precinct, with near neighbours including ANZ and TSB Banks, Pascoes The Jewellers, Farmers, Kathmandu and the recently refurbished former Central Post Office," he says.
"ASB Bank is the lead tenant, occupying about 467sq m on a six-year-lease which runs through to 2023 — with a further six-year right of renewal."
MacDonald says the 6m ceiling stud-height, contains standard banking operations; plus an open-plan reception area, teller counters and several offices with customer meeting rooms.
Upstairs, what was the original the bank manager's accommodation was gradually converted over several decades to become a present-day staff room and toilet area, along with administrative offices.
Meanwhile, the fashion retailer Opossum World occupies 346sq m of the building on a four-year lease running through until 2022, also having a further four-year right of renewal.
The bulk of Opossum World's retail space is at street level, with the remainder in the basement. Combined, these tenancies generate annual rent of $191,850 plus GST.
The building was designed in the "stripped classical" style. Photo / Supplied
With a total area of 1038sq m, the building stands upon 794sq m of freehold land, at 100-106 Hastings St.
It is for sale by tender — with these closing at 2pm on September 20 — and it features in Bayleys' latestTotal Property portfolio magazine.
MacDonald says significant additions were made to the building in 1965, when the property was extended and an adjacent retail space added along the Hastings St frontage.
Following structural strengthening in 2013, the building has a New Build Standard rating of at least 67 per cent.
Planning classifications place the property squarely within Napier City's Inner City Commercial-Art Deco Quarter Zone, he says.
"ASB has the benefit of a prominent dual-street frontage, as do the other multiple banking brands in the immediate area . Its fellow tenant, Opossum World, also benefits from the high foot traffic moving through this character-filled part of the city's central business district."
MacDonald predicts considerable rental upside being derived from the property — considering some 225sq m of first-floor office space is vacant.
"The configuration of this vacant commercial space, which is on the upper-level overlooking Hastings St, lends itself to becoming a single tenancy area," he says.
"It could be supported by its own reception area, bathroom amenities, and windows overlooking the street. The vacant open-plan commercial space, which accessed by a stairway on Hastings St, would be ideally suited for office occupancy by the likes of a professional or business services firm."
