One of Napier's foremost Art Deco buildings — a survivor of the destructive 1931 earthquake and now completely earthquake-strengthened — is up for sale.
The city's former Central Post Office, on the corner of Dickens and Hastings Streets, was built in 1929, but the heritage-listed building was deemed earthquake-prone in 2011.
Its then anchor tenants, NZ Post and Kiwibank, moved out to allow for the strengthening upgrade work to be undertaken.
This involved an extensive three-year strengthening, refurbishing and remodelling programme, which was completed early in 2014.
The three-storey premises now has 12 tenants, including NZ Post, Vodafone, Napier City Council, a hair salon, beauty parlour, accounting firm and cafe.
Combined, they generate net annual rent of $558,362 plus GST.
The landmark corner site is being marketed for sale by Bayleys Napier and features in the company's Total Property portfolio magazine.
Bayleys Napier salesperson Sam MacDonald says businesses within the building are on a range of varied lease terms stretching out as far as six years, and with multiple rights of renewal terms.
The 3185sq m building sits on some 1554sq m of freehold land, adjacent to Napier City Council's Upper Dickens St carpark.
The building is zoned Inner City Commercial-Art Deco Quarter, and has a new building standard (NBS) rating of 100 per cent.
"The ramifications of the Canterbury earthquakes in 2010/2011, in terms of older-style buildings having to be strengthened to meet new building standards, have actually been a bonus for the former Napier Central Post Office," MacDonald says.
"If it hadn't been for the new building standard requirements, the historic Central Post Office could well have remained in a somewhat dated state.
"The resulting new floor plate, has opened up space for a greater number of tenants using the existing space far more efficiently — all of this while retaining the high ceilings, central entrance foyer, dual-story floor to ceiling windows, and stone facade reflective of the city's Art Deco precinct."
Both first and second floors have dual access points from two separate lobbies and their own toilet and shower facilities. The building's upper levels are accessed by two new lifts.
"With multiple tenancies across a spread of economic and retail sectors, the occupancy portfolio within 1 Dickens St offers a spread-risk investment profile for any new investor owner," MacDonald says.
"The ground floor retail and commercial premises facing onto the council carpark benefit from a pedestrian-friendly double-width pavement outside, sheltered by an opaque canopy overhead.
"With the council carpark immediately outside, along with metered spaces on both Hastings and Dickens Sts, parking for customers visiting any of the businesses within the former post office site is incredibly convenient.
"Meanwhile, on the Dickens St frontage, virtual floor-to-ceiling windows have been installed to give those tenancies a real feeling of space and flow to the passing foot traffic."
MacDonald says over the past four years, this part of the Napier CBD has undergone significant redevelopment to underpin both its commercial and retail appeal.
"Major building upgrades around the old CPO include both the new Farmers and Kathmandu stores, the Paxie's Lane development connecting Marine Parade with Hastings St; and the just-completed 202 Hastings St — the new home of Macpac."