Posts filed under ‘Commercial/Industrial’

Supermarket Expansions Planned

Foodstuffs have lodged a resource consent application for a replacement Pak’nSave at their existing site in Tamatea Napier. If resource consent is granted building is due to start in mid 2015. The current store will remain open and be demolished once the new store is trading.

In Hastings the Countdown Supermarket at Queen Street West sold in February 2014 for $7.1m. The adjacent site owned by the Hastings RSA is under contract, reportedly for around $3.3m, and is planned to be redeveloped to provide an expanded Countdown Store across both sites. The RSA club is planning to amalgamate with the Heretaunga Club.

In Havelock North, Countdown is still actively looking for a supermarket site, with a site identified on Havelock Road but this is already raising objections from neighbouring owners.

October 6, 2014 at 10:52 am

Napier Rating Revaluation 2014

The revised rating assessments for Napier City are nearing completion. The date of revaluation is 1 September 2014 and the new valuations are due to be sent out to owners in mid-November and will be used for rating from 1 July 2015. The Council have employed QV to undertake the mass-appraisal approach to establish the new values. Once the assessments are received by owners, if you disagree with the figure, you have a right to object and can contact QV directly for a form. Any queries then give Morice a call and we can assist where necessary.

September 10, 2014 at 4:33 pm

Marine Parade Roundabouts

A new roundabout at the Browning Street / Marine Parade intersection is nearing completion in Napier. A further three roundabouts are planned along Marine Parade as part of a long term plan to lower traffic speeds and create a more pedestrian-friendly road, these will be included in the 2015 Long Term Plan.

September 10, 2014 at 4:28 pm

Ooh La La – New Pizzeria & Cafe to Open in Napier

A new café and Pizzeria is due to open 26 September 2014 at 40 Hastings Street in Napier. The new venture is called Ooh La La and is owned and run by Carlos Keough. Located in the former Thorpe’s coffee house this opening will continue the on-going strengthening of this part of Hastings Street in the Napier CBD.

September 10, 2014 at 4:24 pm

Hastings and Napier Commercial and Industrial Rent and Yield Summary June 2013

Download the June 2013  research on the Hastings and Napier commercial and industrial property market.

In summary

  • Stronger confidence apparent
  • Prime property yields back at close to 2007 levels
  • Total returns have marginally improved over the past 6 months
  • Hawke’s Bay shows positive growth but at a level of approximately half for the New Zealand economy
  • Total returns for most major world markets have contracted over the past 6 months.  New Zealand and Japan show increases.

August 27, 2013 at 9:44 am

Hastings Napier Rents and Yields Summary December 2012

 Download the latest research on the Hastings and Napier commercial property market.

In summary

  • Prime property still in a “holding” pattern with buyer unwillingness to commit
  • Conflicting data in the market, both positive and negative but broadly with more confidence apparent
  • Still limited sign of that confidence being expressed as change in the market
  • Investment property yields in both Hastings and Napier are stable and remain similar to previous levels at 8.1% and 7.7% respectively
  • Total returns in both Hastings and Napier markets have improved over the previous 6 months
  • The best performing sector is prime office property with industrial property coming a close second

April 30, 2013 at 2:44 pm

Prime Rents and Yields Summary June 2012

Download the latest research on the Hastings and Napier commercial property market

  • Prime property continues to ‘hold steady’ despite an uncertain world outlook
  • Hawke’s Bay statistics show a further weakening of economic growth; investor confidence is slightly weaker compared with a year ago
  • Building seismic issues bring uncertainty to property trading and it will take the market some time to establish clarity with the long run position
  • Investment property yields in both Hastings and Napier are stable and remain similar to previous levels at 8.1% and 7.7% respectively
  • Demand is apparent from investors for prime retail property but supply is limited.  Industrial property is also in demand and shows the best returns, this is consistent with other regions where the industrial sector shows the earliest recovery.

September 7, 2012 at 8:20 am

Anchor tenant announced for new business park at Hawkes Bay Airport

ABB, an international technology company that purchased Napier company Vectek Electrics four years ago, has been announced as the first tenant for a new business park being built adjacent to the Hawkes Bay Airport. The company employs 150 people at its current site in Onekawa, all of who will move into the new building. Infrastructure works are now commencing on site and ABB hope to move into the new building at the end of March 2013.

The business park is planned to cover 20ha of land when it is fully developed.

August 9, 2012 at 12:21 pm

“Growing trend of occupiers vacating earthquake prone buildings”

APN New Zealand announced on 31 July 2012 that the newspapers office which publishes local paper Hawkes Bay Today is to relocate from its existing premises in Karamu Road North, Hastings. The existing building which is stated as being in excess of the 34 per cent seismic performance score is not regarded as safe enough for the newspapers staff. They will move in March 2013 to 301 Heretaunga Street East, even though their existing lease does not expire until 2015. This building is undergoing refurbishment and will meet 100% of the current building code.
The move follows close on the heels of the NZ Post move from their building on the corner of Hastings and Dickens Street in Napier for similar reasons. NZ Post are now located in a building that is 100% compliant to the current building code, which is at Napier Central in Wellesley Road, adjacent to occupiers No 1 Shoe Warehouse and Bond & Bond. They have taken a two year lease while strengthening works are undertaken on their Hastings Street office.
This trend of occupiers deciding to vacate high seismic risk properties is likely to grow. Tremains have also decided to vacate their Taradale office on Puketapu Road for this reason. This building will be demolished and Tremains will re-occupy part of the new property.”

August 3, 2012 at 2:15 pm

Hastings Napier Rents and Yields Summary December 2011

 
Download the latest research on the Hastings and Napier commercial property market.

In summary 

  • Investment property yields in both Hastings and Napier are stable and remain at previous levels at 8.2% and 7.7% respectively.
  • There is good demand from investors for prime retail property, but limited supply. Industrial property is also in demand and shows the best returns, this is consistent with other regions.
  • Positive ‘Total Returns’ in both markets are now stronger and shows further improvement over the previous six months. Hastings returns 7.9% (6.7% in June 11) and Napier 7.9% (6.4% in June 11). The best performing sector once again is industrial property. The office sector is holding up due to its higher income return compared to the retail sector.

May 30, 2012 at 10:13 am

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