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Contrasting business fortunes see retail corner for sale
Contrasting business fortunes see retail corner block placed up for sale
The changing way in which New Zealanders watch movies at home - combined with the growing needs of a children’s fancy dress and dance costume business – have seen a prominent Napier commercial building placed on the market for sale.
The highly-recognisable two-storey building on the corner of Auckland Road and Gloucester Street in Greenmeadows is currently occupied by two tenancies. The 550 square metre building sits on some 850 square metres of land sharing a boundary with New World Greenmeadows and immediately over the road from the large recreational space of Anderson Park.
Video Ezy occupies 297 square metres of the premises, while PW Dancewear occupies the remaining 253 metres. The two tenancies reflect vastly different trading times for their respective operators.
Sam MacDonald from Bayleys Napier, who is marketing the building for sale by negotiation with a deadline of August 21, said Video Ezy, as with most DVD rental outlets, was finding trading increasingly harder as greater numbers of New Zealanders moved away from hiring out DVDs on a nightly basis, to watching films through legal downloading providers such as Lightbox, Quickflix, and Netflix.
“At the other end of the spectrum, PW Dancewear is a business which is at the bow-wave of global retailing - downsizing its physical presence to a high foot traffic CBD location, while simultaneously upscaling its online offering to service a wider audience,” Mr MacDonald said.
“As a result, the building has been placed on the market for sale – with the initial target buyer market identified as owner/occupiers seeking a retail presence on a high volume traffic route.”
The property in its current configuration has 10 off-street car parks, with additional street parking on both Gloucester Street and Auckland Road.
Mr MacDonald said that with immediate access to car parking on site and on two road frontages, the venue would be suitable for the establishment of a licensed café-style hospitality business.
“The proximity of Anderson Park means a converted café would be an excellent R-‘n’-R destination after bike riding, taking the dog for a walk, or watching the kids on the swings and slides in the playground,” he said.
“With the retail centre of Taradale some 1.5 kilometres away, any new neighbourhood-focused café would have a virtually unrivalled trade catchment area. There is no other real local alternative for grabbing a barista-made flat white and a plate of eggs benedict.
“There’s a pie ‘n’ cake bakery down the road and a small cafe within the New World premises – but that outlet is more an adjunct to the shopping experience rather than a hospitality destination location in its own right.”
Fellow Bayleys Napier salesperson Daniel Moffitt, who is also marketing the property, said the freehold building could also potentially be converted into a multi-practitioner medical centre servicing the surrounding predominantly residential populous.
“We’ve had feedback from developers who have looked over the building that the existing envelope could be reconfigured to house a main reception, administrative services supplies storage room and bathroom amenities, along with four to six consultation suites on the ground floor, and two additional practitioners rooms upstairs,” he said.
“The potential uses for this building are broad, so it’s a real ‘mystery bag’ of opportunities. The big selling point is obviously its high profile corner location on a high volume intersection. We’ve even had some interest from a 24/7 gym operator. Under that dynamic, the upstairs area could be sub-leased to a physiotherapy studio as they tend to work hand in hand with physical fitness centres.
“It has been mooted that, subject to the granting of council consent, the installation of billboard signage on the building’s apex and along the Gloucester Street frontage would bring on a totally new revenue stream.”
Video Ezy is currently on a month-to-month lease paying $42,744 per annum. Mr Moffitt said PW Dancewear would consider signing a 12-month lease while it secured new premises to move to.
“For potential buyers looking at either redevelopment or owner/occupier scenarios, these two rental steams would underpin holding income while appropriate redevelopment plans were drawn up and council consenting approvals were sought. Or for future owner/occupiers this would allow them to establish a long-term time frame in which to relocate their business,” Mr Moffitt said.
ENDS
Bayleys Real Estate
New Zealand
Bayleys is New Zealand's largest full-service real estate company. We offer expertise in the marketing and sale of a wide range of property, including residential real estate, farms and lifestyle blocks, and commercial and industrial property. This includes tourism and business sales such as hotels and motels. We also cover the real estate markets in Fiji and other Pacific Islands.
Bayleys also provides a complete property and facilities service including property management and valuations teams focused on achieving both Owner and Tenant satisfaction.
No other real estate company can match our breadth of coverage across all market sectors throughout New Zealand.
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