Ocean Boulevard
Dickens & Emersons Streets, Napier (please refer to map below)
Located in the heart of the Napier CBD, Ocean Boulevard is a retail centre with 20 tenancies and 120 carparks over two upper levels. Retail tenants at the centre include national brands Living & Giving, Paper Plus, Michael Hill Jeweller, Flight Centre and Caroline Eve.
Current Market Value |
$5.10m as at 30 September 2011 |
Net Lettable Area |
2,939m2 |
Major Tenants |
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Annualised Net Rental |
$0.60m |
Occupancy (By Area) |
89% |
Weighted Ave Lease Term |
3.57 years |
Unless specified the information in this summary is as at 31 March 2011. |
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Natcoll House, located within the CBD’s Red Zone area, had been ‘green stickered’ soon after the February earthquake awaiting a full engineering inspection. This had been delayed due to very limited access to the property; many of the buildings surrounding Natcoll House have been or are due to be demolished. On Monday, just prior to the latest earthquakes, engineers completed their inspection and reported that remedial work was needed before the building could be reoccupied. Consequently Natcoll House has been ‘yellow stickered’. With the change in classification the Company will be making an insurance claim for both the remedial work and business interruption, which covers loss of rental income for up to 24 months.
Following Monday’s earthquakes engineers will be required to undertake another assessment of the property. Until that is completed the full extent of the remedial work required will not be known.
Following Monday’s earthquakes engineers will be required to undertake another assessment of the property. Until that is completed the full extent of the remedial work required will not be known.