Safe as a bank in Napier

The Napier property is occupied by Westpac bank which has signed a new three-year lease. Photo / Supplied

The home of Westpac Napier is on the market for the first time in over 35 years, offering a passive investment opportunity backed by a strong national tenant.

"This property has all the key investment ingredients," says Dan Walker of Colliers International Hawke's Bay who is marketing 28 Dickens St for sale by tender closing at 4pm on Wednesday June 19.

"A new three-year lease to Westpac presents a golden opportunity to acquire a blue-chip investment property," Walker says.

"The annual net rent earned is $175,000 plus all outgoings, in addition to multiple rights of renewal."

The bank building has 840sq m of internal space across two levels and occupies a freehold 963sq m site zoned Inner City Commercial which encompasses 17 onsite car parks.

Retail banking facilities are on the ground floor with lift access to modern offices on the first floor.

"The property is centrally located at the top end of Dickens St in the CBD, benefiting from high exposure and heavy traffic," says Walker.

"Neighbouring retailers include a Farmers department store, as well as Kathmandu, Macpac and Vodafone.

"The building has an A-grade seismic rating and there is future development potential by splitting the tenancies."

Known for its Art Deco architecture and surrounding wineries, Napier is one of the two main centres of the Hawke's Bay region, slightly less populated than its counterpart Hastings, but benefitting from being closer to both the seaport and main airport.

"The Hawke's Bay region has become an increasing popular destination among tourists and new residents alike," Walker says.