A change in family circumstances has resulted in a long-held, prominent Art Deco building standing at the gateway to central Napier's retail precinct being placed on the market for sale.
The two-storey building on the corner of Emmerson and Hastings Streets, home to ASB Bank and Opossum World, was built in 1932 in the stripped classical art deco style to house a banking chamber. A bank is still the primary tenant in the premises 86 years on.
ASB as lead tenant occupies 467 square metres of the property on a six-year lease running until 2023 with a further six-year right of renewal.
The ground floor with its six-metre ceiling height contains standard banking operations such as an open-plan reception area, teller counters, and several small offices and customer meeting rooms. Upstairs, what was originally the bank manager's accommodation, has been gradually converted over several decades to now be the bank's staffroom and toilets, along with administrative offices.
Meanwhile, fashion retailer Opossum World occupies 346 square metres of the building on a four-year lease running until 2022 with a further four-year right of renewal. The bulk of Opossum World's retail space is at street level, with the remainder in the basement.
Combined, the tenancies are generating an annual rental return of $191,850 plus GST.
The 1038 square metre art deco building sitting on 794 square metres of freehold land at 100–106 Hastings Street is being marketed for sale by tender through Bayleys Napier, with tenders closing at 2pm on September 20.
Bayleys Napier salesperson Sam MacDonald said significant additions were made to the building in 1965 when the property was extended and an adjacent retail space added along the Hastings Street frontage.
Structural strengthening was also undertaken in 2013.
"ASB - as do the other multiple banking brands in immediate proximity - enjoys the prominent dual-street frontage, while fellow tenant Opossum World benefits from the high foot traffic moving through this character-filled part of the city's central business district.
"There is considerable rental upside to be derived from the property – with some 225 square metres of first floor office space currently vacant.
"The upper level vacant commercial space overlooking Hastings Street is configured in such a way that lends itself toward a single tenancy area supported by its own reception area, bathroom amenities, and windows overlooking the street.
"Ideally, the vacant open-plan commercial space – accessed from Hastings Street by a stairway - is suited for office occupancy by the likes of a professional or business services firm."