National Prop Trust buys in Napier

The Hawkes Bay area as been identified as a region satisfying the investment criteria of the Trust""'s Manager in that it is experiencing high rates of economic growth.

The Ocean Boulevard Shopping Centre is located in the heart of the Napier CBD and has 27 tenancies, including a small foodcourt, and 120 carparks over two upper levels.

The property has a passing rental return of 10.6% increasing to 11.5% when the current vacant areas are leased. The Manager has identified the property as having re-development potential and proposals are being investigated to develop further retail and carparking space. Details of these proposals will be released later.

This acquisition meets the Manager""'s objective to acquire well located, retail-based assets that have potential to add value.

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