A substantial residential portfolio encompassing 72 units, 137 bedrooms and more than one hectare of freehold land is being presented to the market for the first time in a generation.
It creates a rare opportunity to secure meaningful scale within one of Hawke’s Bay’s most established urban precincts, Bayleys brokers say.
Comprising three separate residential complexes on the fringe of Napier’s CBD, the offering provides control of a significant concentration of housing and land in a market where comparable holdings are increasingly difficult to assemble.
Bayleys Napier’s Kerry Geange leads the marketing for 6 Nelson Crescent, 33-37 Wellesley Road, and 150 Carlyle Street, which are offered for sale by tender, closing on Thursday, 6th August 2026 (will not be sold prior).
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Geange says opportunities to acquire residential assets of this scale and proximity to the city centre are increasingly uncommon.
“Large-format urban landholdings have progressively been subdivided, redeveloped or absorbed into fragmented ownership structures.
"Once portfolios reach a certain scale, they rarely return to the market in a form that offers this level of control and flexibility.
“That is what makes this opportunity so compelling.
"It provides immediate ownership of a substantial concentration of housing and underlying land within a city where opportunities to secure comparable scale are increasingly scarce.”
Collectively, the portfolio comprises 12 two-bedroom units at Nelson Crescent, 28 two-bedroom units at Wellesley Road and 32 mixed-configuration units at Carlyle Street, occupying more than 1.56ha of freehold land across three separate sites.
Available individually or in its entirety, the offering provides flexibility for purchasers pursuing a range of investment, asset management, repositioning or longer-term development strategies.
The properties come to market with vacant possession and as large-scale residential portfolios, positioned to attract attention from private capital and institutional investors.
Geange says construction costs, planning complexity, and scarcity of well-located urban land are increasing the appeal of existing residential assets that combine immediate income opportunities with future flexibility.
“Housing remains one of New Zealand’s most critical infrastructure challenges, and there is growing recognition that it is both an essential service and a strategic asset class.
“Investors are looking beyond immediate income and considering the strategic value of controlling well-located urban land within growth-oriented planning environments.”
The portfolio benefits from High Density Residential and Mixed Use zoning under the Proposed Napier District Plan, reflecting a nationwide planning shift towards accommodating growth through urban intensification rather than outward expansion.
As both central and local government throughout New Zealand seek to accommodate future population growth through urban consolidation, Geange says sites fully capable of supporting a range of housing outcomes are becoming increasingly strategic.
“Planning frameworks are evolving to support more intensive development close to employment, transport, healthcare and commercial amenities.
"Sites that already occupy those locations are naturally becoming more valuable as cities mature.”
The portfolio’s position near Napier’s CBD places it within easy reach of the city’s commercial, civic and retail amenities, supporting both existing residential demand and future redevelopment considerations.
“Nelson Crescent provides a collection of two-bedroom units in a highly accessible location.
"Wellesley Road combines scale with extensive frontage and zoning that supports intensification, while Carlyle Street offers mixed-use zoning and configuration within a prominent city gateway location and frontage to two key urban arterials.”
“Whether viewed as a long-term residential investment, a strategic landholding or a platform for future intensification, opportunities to secure this level of scale with flexibility ranging from standalone ownership through to control of one of Napier’s most significant privately held residential landholdings are extremely rare.
“More than a collection of assets, it is a substantial share of housing and urban land within a city that continues to evolve.
"The combination of size, location and future development flexibility is what sets this portfolio apart.”
- Supplied by Bayleys
