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Napier landlords missing out on buoyant economy

Turley & Co Press Release 1 May 17 – occupancy survey supporting information:

Napier landlords missing out on buoyant economy

Hawke’s Bay economic buoyancy and increased retail spending has produced a 13 per cent retail occupancy improvement according to the Turley & Co Retail Premises Occupancy Survey.

The property strategists' and valuers’ report of key retail precincts says overall mainstreet occupancy for the first quarter of 2017, improved 13 per cent on the previous quarter “reflecting Hawke’s Bay economic buoyancy and retail spending growth” says the report.

Hawke's Bay retail spending growth topped the nation for the three months from December and was second in March, according to Paymark figures.

Despite the lift, “Napier landlords are currently missing out” says Turley & Co. The seaside city recorded no change in vacancies, with Dickens St continuing to underperform with seven empty spaces recorded.

The report said The Clearance Shed is due to open this week in Mid City Plaza which will absorb a large vacant area in central Napier outside the mainstreet survey.

The Napier suburb of Taradale's Gloucester Street has one less vacancy than the previous quarter with five vacancies recorded, a medium-term average.

In Hastings there were two fewer retail vacancies, improving from 13 to 11 overall. The Hastings pedestrian only 100 Block now has one vacancy. The three vacancies recorded in the previous quarter are now occupied. “This is a marked turnaround for a central Hastings block that was suffering considerable vacancy 2015-16” says Pat Turley. Leasings by Colliers of 3-6 years are to AMI that will be relocating, an upmarket hair salon and lawyers for a site behind Paper Plus. Spark in January occupied the former NZ Post and Kiwibank site that was vacant for 24 months and for a rent around 17% lower than NZ Post according to Turley & Co.

Hastings suburb Havelock North has seen supply increase by seven new shops thanks to The Exchange development – three now occupied – with seven vacancies overall for the Hastings suburb.


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