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Turley & Co Client Selling 4.3 Ha of Napier Leasehold Land – 8 Angus Pl Napier
4.3 hectares of industrial zone land in the heart of Onekawa Napier is for sale by tender closing 2 September. The property includes some of the best heavy engineering workshops in Hawke’s Bay. Turley & Co is managing the sales process by Kerry Geange of Bayleys who is marketing the property nationally Bayleys listing.
The 4.3 hectares perpetual leasehold is owned by Angus Place Properties Ltd since 1996 and associated former shareholders of Napier Engineering and Contracting. Eastbridge bought the NEC business in 2018 and became a land tenant. The heavy engineering sheds are ~4,400 sqm, fitted with gantries for 10 cranes up to 35 tonne and travel ~100m.
25 years ago in 1996, Pat Turley managed and negotiated the leasehold land acquisition for NEC/ APPL from Carter Holt Harvey and settled the previous ground rent in 1999.
Team Turley & Co settled the September 2020 ground rent 21-year review for APPL at $335,000 p.a. reflecting land value $155 per m2 at lease prescribed rent rate 5.0% p.a. The ground lessor’s review proposal was much greater.
Two recent 6 years subleases are terminable at 6 months’ notice therefore ~3 hectares of industrial zone land is available for development. The combined subleases net rent income is $430k and potentially $530k plus as fully leased. The property is currently well under-rented and under-leased.
Vacant possession of all 4.3 hectares of industrial land including the 10 cranes equipped workshops will be available by September 2026 and possibly sooner. Freeholding or land subdivision may be an option.
Contact Kerry Geange of Bayleys and download the property Information Memorandum:
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