He says the upgrading work included seismic strengthening to 100 per cent of New Building Standard (NBS).
The building has a total area of 430sq m and a combined lettable floor area of 414sq m on a freehold 448sq m site.
Clothes retailer Recycle Boutique occupies 117sq m and has a lease running until 2016 with two further three-year rights of renewal.
Registered charity the Red Cross occupies 177sq m with a lease until 2016 with two further three-year rights of renewal.
The Dalton Street Bakery cafe occupies 120sq m on lease until 2018 with two further two-year rights of renewal.
Within the Chisholm Building, the Red Cross has 8.8m of street frontage, the Recycle Boutique has 6.4m of street frontage, and the Dalton Street Cafe has 6.2m of street frontage.
"This property would suit a passive investor," Haggerty says.
He says the Chisholm Building was designed by E.A. Williams as a single-level reinforced concrete and brick structure and was originally owned by Penman & Co when it traded as a confectionery shop and warehouse.
Over the ensuing years, the building at 128 Dalton St became host to several tenants including the Hawke's Bay Herald Tribune newspaper. During the same period, the building was subjected to a range of various unsympathetic alterations.
Consequently, few original features remained, except for an attractive front facade that was hidden for some years by an aluminium awning and cladding.
In June 2012 the property was acquired by developer Aranui Properties, whose principal director, Lance Sheerin, saw the potential in rejuvenating the building.
Upgrade work started shortly after, creating three separate tenancies each with its own entrance, individual canopy and staff amenities.
The exterior was also repainted in an attractive colour palette in keeping with the era of the building.
"In recognition of the Art Deco restoration work on the property, Lance Sheerin was given a civic award by the Napier City Council," Haggerty says.
"The fundamentals of a good commercial and retail investment portfolio are to have a quality constructed building, with sound tenants, on long leases.
"With the split-risk tenancy and public recognition of the quality of the modernisation process, the Chisholm Building certainly meets all the criteria.
"In addition, the building's CBD location in the retail heart of the city's Art Deco quarter ensures its long-term future is sustained by strong foot traffic flows and a solid commercial presence stimulated by surrounding professional businesses.
"The reconfiguration of what was the 'old' building also opened up the street frontage of the property to change the site from its former warehousing, commercial and light industrial use into a much more appropriate retail space.
"This is far more in keeping with the neighbouring premises and the feel of the surrounding Art Deco quarter."
What's on offer?
The property: Chisholm Building.
Location: 128 Dalton St, Napier.
Agency: Bayleys Napier.
Sales method: Tenders closing 4pm December 17.
Features:
Three established retail tenancies.
Generates annual rent of $83,052.
Seismically upgraded to 100 per cent NBS.
Won civic award for Art Deco restoration.
Ideal for a passive investor.
