Hawke’s Bay Today | 13 Nov 18 | Napier retail sector driving region’s growth
Turley & Co press – NZH.
A new report from commercial-industrial valuation and property strategy firm Turley and Co indicates these gains are not spread evenly between Napier and Hastings.
“Prime retail rents in Napier are 40-50 per cent higher than Hastings and Napier’s pedestrian numbers are superior,” the report says.
“In the last 10 years the top three main-street Napier foot-traffic points declined 4 per cent, impressively in the face of big-box and online retail. Pedestrian numbers for Hastings’ best three main-street locations declined 34 per cent over the same period.
“CBDs, like shopping centres, periodically require format and design updates to remain successful. Palmerston North City, which is marginally bigger than Hastings, will invest $31m over the next six to eight years in CBD reformatting and streetscapes plus $25m on reworking the sports arena on the edge of its CBD.”
The $30m redevelopment of the Hawke’s Bay Opera House precinct was also expected to be good news for surrounding retailers, Turley said.