A split-risk investment with three income streams across two stratum in freehold titles, strategically positioned on ever-popular Carlyle Street in Napier.
Returning approximately $84,382 net per annum, the property offers immediate holding income alongside substantial future upside through the vacant 379m² first floor tenancy. Zoned Fringe Commercial, the site also presents longer-term flexibility for a range of future uses, including potential residential conversion or redevelopment opportunities.
The ground floor is fully leased to established occupiers Alphaxe & Archery Ltd and TNT Customs, providing stable income from a well-presented commercial asset with strong underlying fundamentals including a 91% NBS (‘A’ Grade seismic rating) and nine onsite car parks.
The first floor, accessed independently via Craven Terrace, comprises approximately 379m² of predominantly open-plan space is currently vacant, presenting a true blank canvas for future occupiers. The flexible layout is well suited to a range of commercial or activity-based uses including fitness, wellness, studio, training or office operators, creating a compelling lease-up and value-add opportunity for investors.
Constructed in the early 1990s as a gymnasium and physiotherapy complex, the property benefits from dual access off both Carlyle Street and Craven Terrace, enhancing accessibility for tenants and customers alike. Located on the fringe of Napier’s CBD, the surrounding precinct is home to a wide range of national retailers, automotive operators, hospitality businesses and trade occupiers, underlining the strength and convenience of the location.
Overall, this is an affordable add-value investment combining diversified income, leasing upside and long-term redevelopment potential in one of Napier’s most tightly held commercial precincts.
Features:
* Floor Area approx. 950m²
* Land Area 1020m²
* 91% NBS seismic rating
* Net Income $84,382 + GST
* Two Stratum in Freehold Titles
