Napier retail sector driving region’s growth

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.

Turley & Co Retail Focus© Report | November 2018

CBDs Are Social Centres | A Hastings CBD History | BayBuzz Magazine

Retail Focus© Report | November 2018

Turley & Co Retail Focus© report recent Press page and links below:

Access free report:

“Whilst Hawke’s Bay is booming, retail fortunes remain mixed …  Collectively there are 37 shop vacancies being 7% of 510 shops surveyed … that is much improved on 51 vacancies [10%] in July 2015.

The Napier 2003-18 surveys confirm hospitality and cafes is unchanged at 14%, and banking and finance at 5% …

The Hastings shops mix change is moving slightly away from fashion retail to food and hospitality that is up 2% …

The Hawke’s Bay Opera House redevelopment involving a $30 million investment by HDC will undoubtedly have positive effects for this end of town and the city generally.”

CBDs Are Social Centres | A Hastings CBD History | BayBuzz Magazine

CBDs Are Social Centres | A Hastings CBD History | BayBuzz Magazine

“Our town centres are the heart of our communities. Our CBDs are social history mirrors and their change and vibrancy tell a tale.

“CBDs, like shopping centres, require format and design adjustments to remain current, relevant and successful. Competitive pressures are significant, and when it comes to town places, people generally vote with their feet, and businesses follow.  For town centres, it is either a downward spiral or a self-perpetuating upward cycle.

“The mall and fountain with the railway create an east-west wall that solidly partitions the heart of Hastings – for three decades.  The rail-crossing and mall, and possibly Railway Road, should be re-opened to one-way car traffic through to Market Street.  This format could be adopted for the main block with replacement off-street parking very nearby.

“The most significant change for central Napier is the escalation of national and Australasian retail brands from one-third to just over a half. Shop numbers overall are almost unchanged …”

BayBuzz for November/ December will be available online by next month www.BayBuzz.co.nz

Turley & Co LTP submissions Hastings CBD

Turley & Co Retail Focus© Report | November 2018

Big retail property portfolio in Hastings fetches $21 million

“The four properties had combined annual net rent of $1,359,100. The four leases had 2.5 to 7.5 years to run.  The highest rent and longest remaining lease term was for Briscoes and Rebel Sport at $644,920 a year with 7.5 years lease remaining.”


Turley & Co press – Dominion Post.

Hastings Park Mega Centre retail portfolio sells for $21m

“The sale is a significant bellwether and major vote of confidence in the Hawke’s Bay economy that is clearly rocking. The Park Mega Centre sale suggests, for the property category, Hawke’s Bay is tracking as well or better now than it was in 2017.”

“The properties, comprising the Clearance Shed, Briscoes/Rebel Sport, PETstock and Noel Leeming, reflected a 6.47 per cent yield for a combined annual net rent roll $1,359,100.”

Hawke’s Bay Today | 17 Sep 18 | Hastings Park Mega Centre retail portfolio sells for $21m
Turley & Co press – NZH.

10 Years Since GFC … Property Values in 2028 … | BayBuzz Magazine

“The digital tide is surging. Rapidly advancing digital technologies will continue to affect how retail, office, and industrial property is used and competitively leveraged.”

“In addition to low interest rates, key drivers of property value since the GFC include new earthquake standards, new trends in workspace design and utilisation, growth of online retail commerce, council re-zoning, growth in food processing, and ‘social’ CBDs.”

The BayBuzz magazine 10 years anniversary issue is online free

Work hasn’t even started on Napier’s Kmart, and it’s already wanting to expand

“The development, if it occurs, could be net positive for Napier as a further retail destination. Kmart Hastings’ performance and pedestrian numbers could be affected by a Napier Kmart.”

Stuff | 19 Aug 18 | Work hasn’t even started on Napier’s Kmart, and it’s already wanting to expand
Turley & Co press – Dominion Post.

Turley & Co 1H18 Commercial-Industrial Property Market Reports | Report 27

Napier City Council leasehold properties up for grabs

“Leasing industrial land had become unpopular because of the risk of high rent reviews” … “Where once leasehold land was an economical way to get access to land for business or a house, it was no longer.”

The Press | 6 Aug 18 | Napier City Council leasehold properties up for grabs
Turley & Co press – The Press.

Turley & Co 1H18 Commercial-Industrial Property Market Reports | Report 27

Hi-tech Sunfruit packs 120 million apples in less than 3 months

Hawke’s Bay’s horticulture industry is “booming.” … “One-hundred and eighty-one hectares of raw industrial land has been added to Hawke’s Bay supply in 2018, enough for around 360 developments of 0.5 ha land each.”

Hawke’s Bay Today | 30 Jun 18 | Hi-tech Sunfruit packs 120 million apples in less than 3 months
Turley & Co press – NZH.

Turley & Co 1H18 Commercial-Industrial Property Market Reports | Report 27

The Ruataniwha Roars | CHB Boom | BayBuzz Magazine

“Now, after more than five years of painful suspense over the proposed water storage scheme, the Ruataniwha is clearly awakened. The CHB economy is roaring.”

The published article is also available on the BayBuzz website.

 


 

Turley & Co recent Press page and links below:

Hawke’s Bay Today | 9 Jul 18 | Report shows the Central Hawke’s Bay rural economy thriving

Report shows the Central Hawke’s Bay rural economy thriving

“The market is happily rocking to a very strong beat, with some residential property values almost doubling in five years,”

“Central Hawke’s Bay residential real estate sales averaged $62.2 million per year for the three years 2014-16. In 2017, transactions jumped to $107m, an increase of 72 per cent, while transaction numbers increased 50 per cent.”

Hawke’s Bay Today | 9 Jul 18 | Report shows the Central Hawke’s Bay rural economy thriving
Turley & Co press – NZH.

The Ruataniwha Roars | article for BayBuzz Magazine | July 2018

 

Pedestrian area at mall rethink call

“The Hastings pedestrian mall alongside a railway line created in the 1980s was a mistake that needs to be reworked. We firmly believe the mall should be remodelled to lightly allow one-way cars, like Emerson St in Napier, that is successful people-centric but (has been) allowing cars for 20 years.”

Hawke’s Bay Today | 6 Jun 18 | Hastings CBD plan a “massive” missed opportunity
Turley & Co press – NZH.

Turley & Co Hastings City Centre submission | HDC LTP | May 2018

Industrial Focus© Report | March 2018

Turley & Co Industrial Focus© report recent Press page and links below:

NBR audio access Radio interview P Turley 15 Mar 18

Refer to free access PDF report:

$467M Hastings-Napier Industrial Developments 2014-17 | 4 Years
A boom in Hawke’s Bay horticulture has resulted in an 18 per cent increase in industrial-building consents value for Hastings District, from $77 million in 2014-2015 to $91 million for 2016- 2017.

Turley & Co analyses confirm for the Hastings District:
– Industrial v all commercial property consents escalated from 47% 2014-15 to 50% 2016-17
– Industrial building consents value grew 18% from $77M in 2014-15 to $91M 2016-17

Nikki Whelpton Promoted March 18 | Intermediate Valuer and Consultant

Nikki Whelpton joined Turley & Co three years ago as a work experienced Massey University property degree high-achiever.  Nikki since early 2015, has worked closely alongside colleagues Pat Turley, Kurt Richards and Wayne Smith, delivering to clients in valuation and property strategy projects for properties in Hawke’s Bay and nationally.  Nikki’s intensive professional development similar to her colleague Kurt Richards’ has paid off.

Nikki is promoted to intermediate responsibilities property consultant and valuer.  She is well ready.

By late 2018, Nikki will have gained sufficient professional experience to qualify Registered Valuer alongside LINZ Accredited for public land statutory actions.  And by 2019, we anticipate Registered Property Consultant.

Dayna Campbell who has almost completed her Massey University property degree, joined Turley & Co in January taking on Nikki’s prior role 2015-17.  Dayna’s appointment news.

Our entire team at Turley & Co are Hawke’s Bay people.  Wayne Smith, Sue Turley and Pat Turley are colleagues since 1998.  Turley & Co team members are profiled on our People page.

Congratulations Nikki!

Bay horticulture spurs industrial building projects in Hastings

“There was an 18 per cent increase in industrial-building consents value for Hastings District, with values rising from $77 million in 2014-2015 to $91m for 2016- 2017.  That included five major completed, ongoing or planned industrial developments with a combined consents value of $68m.”

Hawke’s Bay Today | 13 Mar 18 | Bay horticulture spurs industrial building projects in Hastings
Turley & Co press – NZH.

Turley & Co Industrial Focus© Report

Enjoy enchanted evening at mystery spot

The Enchanted Ball will be set in a beautiful location in the stunning sperry tents — however ball goers won’t find out the location until the night of the event. The ball is in support of the Maraetotara Tree Trust which was formed in 2002 by members of the community with the aim of protecting and restoring the length of the river.

Hawke’s Bay Today | 11 Mar 18 | Enjoy enchanted evening at mystery spot
Maraetōtara Tree Trust press – NZH.