"The property comprises a ground floor office and retail space that is split into two tenancies, with an additional mezzanine office area and rooftop car parking.
"The larger tenancy is on a long-term lease to national tenant Kiwibank, while the smaller tenancy, which is currently vacant, would suit office or large-format retail tenants.
"The smaller tenancy could also be partitioned into smaller tenancies, or has the potential to be sold separately on a unit title as a solution for owner-occupiers.
"The sale represents a superb chance to acquire a bankable investment with strong tenant covenant, flexible options and a top Hastings CBD location."
Blair says the property comprises two freehold titles, which are well-positioned at the corner of Market Street North and Queen Street West.
"Queen Street West is the main vehicle route around Hastings CBD, with activities including both office and retail. Tenants in the vicinity include Bunnings Warehouse, Spotlight and Countdown."
Kiwibank occupies a 2420sq m tenancy, including a retail bank branch on the street front corner of the site. The remainder of the tenancy houses Kiwibank's national call centre and business hub.
The bank is signed to a nine-year lease earning $435,000 in annual rent, with three-yearly market reviews capped at 10 per cent.
Two rights of renewal of six years each extend the total lease term until December 2035.
The vacant 1137.5sq m tenancy has the potential to earn $220,000 in annual rent, bringing the total assessed rental income to $655,000 a year.
Blair says the building was recently upgraded and strengthened to 80 per cent of new building standards. The superstructure meets 100 per cent of standards.
Extensive refurbishments were also carried out, with a very high standard of fit out throughout.
Excellent fibre optic cable connections are available. The building has three separate fibre providers connected — Unison, Chorus and Vodafone.
The main building, which has a floor area of 3640sq m, is located on a 3081sq m freehold title at 200 Market Street North.
A sealed car park is on the adjoining 1159sq m freehold title at 211 Queen Street West.
The property has 62 car parks, split between the rooftop parking area and the ground-level sealed car park off Queen Street West.
Kiwibank leases 33 car parks, while the remaining 29 are available to the occupier of the vacant tenancy.
