The leasehold interest in the land and building housing one of the Hawke's Bay's biggest recreational boating supplies stores is up for sale.
Much of the property at 60-64 Thames St in the Napier suburb of Pandora is home to Napier Provedoring Company which stocks thousands of items used by recreational and commercial boaties – ranging from anchors, ropes and chains, through to fishing gear and maritime safety equipment.
The property consists of three large warehousing and office buildings sitting on 3735sq m of leasehold land across three individual titles. The largely-rectangular shaped property at 60–64 Thames St is zoned Main Industrial under the Napier City Council District Plan, and is bordered by the council-owned Ahuriri Estuary Walk reserve facing on to the inner harbour.
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Marine retailer Napier Provedoring Company relocated to its portion of the Thames St premises in 2016, and is now on a lease running through to 2021 with two further five-year rights of renewal. These currently generate a gross income of $57,500 plus GST and a rent review is due in 2020.
The buildings at 60 and 62 Thames St consist of two large portal frame industrial-style warehouses – one of 700sq m and the other of 450sq m – sustaining the open-plan showrooms and manufacturing workshop for Napier Provedoring Company, complete with full height doors and lifting gantries.
The various neighbouring warehouses on the site are connected by a shared wall frame – allowing for palletised product stocking throughout the showroom floor under a 4.62m-high stud ceiling supported by steel pillars and beams.
Office, storage, and staff amenities space at the front of two of the warehouses is used for Napier Provedoring Company's administration activities.
Meanwhile, the vacant structure at 64 Thames St features a 460sq m stand-alone single-storey office block built in 1994. The building contains a mix of offices and workshops, and is separated from the larger Napier Provedoring Company warehouses by a formed driveway which provides access to a fully sealed parking and hardstand space at the rear of all the properties.
Commercial use space within the currently untenanted building encompasses a reception, boardroom, several offices, open plan area, a staff lunchroom and kitchen, a north-facing courtyard and employee bathroom amenities.
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The multi-faceted property at 60-64 Thames St is now being marketed for sale by tender through Bayleys Napier, with tenders closing on December 5. Salespeople Mark Evans and Kerry Geange said the property's broader tenancy schedule and physical attributes meant it had potential for either an owner-occupier buyer, or from a tenanted investment perspective.