Williams’ Harvey undertakes a retail shop occupancy survey of the Central Business District (CBD) of Hastings City.
The survey is based on retail shop numbers and considers main street retail, side street retail and overall retail vacancies.
Our last survey was completed in October 2018 and recorded 10.20% of the retail space within Hastings to be vacant which equates to 25 retail shops, this is down from 11.87% in April 2018, 13.47% in October 2017 and 16.73% in November 2016.
This latest survey is showing some continued improvement and is the lowest level recorded since October 2013. While some tenants have closed their doors others have relocated within the Hastings retail area. Relocating tenants have been able to use the market conditions to their advantage and gain a better quality premise within a better retail position and generally at a lower rent level. This has placed downward pressure on retail rent levels at the present time.
The Hastings District Council have been working hard on plans to revitalise and create a strong CBD with their Hastings City Centre Vibrancy Plan whose key target outcomes were to encourage more people and more business by creating an environment and activities whereby “customers, workers, residents, students and visitors” could experience and enjoy the Hastings city centre.
This strategy was kick started by the redevelopment of the 100 – 300 Heretaunga East block as the removal of the Albert Hotel gave way to green space and regeneration of retail and hospitality outlets.
As a continued part of this vision Council have taken the bold decision to purchase two main street retail premises with plans to convert them.
Read more on this and other Hawke’s Bay stories in The Profit magazine
Posted: 25 May 2019