With the option to purchase as vacant possession or with a long-term lease in place, 36 Munroe Street is Napier's first 5-star hotel and presents as a unique investment proposition that is exceptionally well positioned to capitalise on a captive domestic and steadily growing international tourism market.
Converted to hotel use in 2021, this modern Art Deco-style boutique hotel offers 52 premium rooms with restaurant and licensed bar. The hotel is supplemented by approximately 500sqm of commercial space on the ground floor, partly leased to two commercial tenants.
With a limited competitive set across 5-star hotel options in the region, the property has a competitive edge in attracting discerning travellers. Moreover, Hawke’s Bay's tourism expenditure has increased by 9.29 percent in the 12 months leading up to October 2023, further enhancing the investment's potential.