New development ticks boxes

The fully-leased Business HQ development in Hastings is for sale. Photo/Supplied

A new Hawke's Bay office development with a raft of strong tenants in Hastings CBD is on the market for the first time.

Business HQ is a 1425 sq m new build with 925 sq m of extensively renovated space designed by Paris Magdalinos Architects. The building fronts 100 metres of Queen Street East with covered walkways providing access to all of the tenancies.

Colliers International broker Danny Blair said it was built and extensively redeveloped in 2016 to 100 per cent of the New Building Standard.

"This is a major commercial hub on a high profile corner site providing international-grade office space for local and national companies predominantly from the business sector," he said.

The building features large windows for ample natural light, gardens and communal outdoor recreational areas for client entertainment and functions.

Tenants in the building include Strata Group, VO2 Hawke's Bay, Moore Stephens Markhams, Moore Stephens Hawke's Bay Audit, Jacksons Engineering Advisers, Logan Stone, Fern Ridge Produce, Createus Group and Resource Development Consultants.

Rental income is $481,700 per annum and an average lease term of seven years.

Mr Blair said its prime central city location, high quality architectural build and calibre of tenants provided an opportunity for an astute investor "to snap up an investment that is a sure bet".

"It ticks all the boxes in terms of location, quality of build and strong tenants. This truly is a very solid investment which is very hard to come by."

The property is for sale by deadline private treaty closing April 6 at 4pm unless sold prior.