Positioned within Napier’s premier retail precinct on Upper Emerson Street, this prime retail investment benefits from a highly sought-after south-facing aspect, favoured by national and fashion retailers alike.
The offering comprises two ground floor stratum in freehold titles within the iconic Lockyer’s Building, fully leased to established national tenants, BarberShopCo and Strandbags, returning a combined net income of $138,997 plus GST per annum.
Both tenants renewed their leases in April 2024 for further five-year terms, providing strong covenant security and long-term income stability. With annual CPI rental adjustments in place, the investment is well positioned for future growth while continuing to appeal to quality occupiers given its strategic location amongst neighbouring national retailers including Mountain Warehouse, Whitcoulls, Life Pharmacy and Rodd & Gunn.
Napier’s CBD remains the city’s retail epicentre and a key destination for both locals and tourists. Supported by strong pedestrian activity generated through Art Deco tourism and cruise ship visitation, Emerson Street continues to experience consistent demand from retailers and hospitality operators alike. Further underpinning the location is the Napier City Council’s significant investment into upgrading key infrastructure along Emerson Street, enhancing accessibility and functionality while retaining the area’s renowned character and Art Deco appeal.
The property has an assessed seismic rating of 67% NBS based on a 2013 IEP report.
For Sale by Deadline Private Treaty (unless sold prior), closing 3:00pm Thursday 2 July 2026.For further information or to arrange an inspection, contact Ash Hames.
Features:
- 67% NBS
- Net Return $138,997 + GST
- Floor Area 296.7m²
- Established National Retailers
More information: https://www.colliers.co.nz/p-NZL67040724
