Ocean Boulevard, one of The National Property Trust's retail properties, is now a thriving mall located in the heart of the Napier CBD.

One of the central shopping centres in Napier, Ocean Boulevard contains over 2,500 square metres of retail space comprising 15 tenancies, including national retail brands Ezibuy, Living & Giving, Paper Plus and JK Kids Gear. Although it is a smaller property, Ocean Boulevard clearly demonstrates the Manager's ability to add value.

Ocean Boulevard before

The National Property Trust purchased Ocean Boulevard in 2004 for $5.35 million. Hawke's Bay was identified as a region satisfying the investment criteria of the Manager at the time, in that it was experiencing high rates of economic growth. Although neglected, the acquisition met the Manager's objective to acquire well-located, retail-based assets that have potential to add value.

In 2006 the Trust's Manager, now owned by St Laurence Limited, began refurbishment of the mall. The Manager recognised the potential to reconfigure the mall and attract quality tenants, controlling costs by applying the purchasing power of the wider St Laurence group.

Ocean Boulevard now

The Manager has completed a significant refurbishment of Ocean Boulevard including repainting, enhancing signage and lighting, upgrading aged entranceways and converting smaller retail spaces into larger stores, with a major new fishtail entrance off Dickens Street. There is a shortage of large format retail space in Napier's CBD and the refurbishment met the need for 200 to 500 square metre stores.

The refurbishment and larger retail spaces encouraged JK Kids Gear to renew their lease for a further six years and large national retail brands Living & Giving and Ezibuy moved into the premises in 2007. Caroline Eve signed up for a large amount of the vacant space in April 2008. These national brands are expected to increase foot traffic and attract new tenants for the remaining vacant space.

Ocean Boulevard after

Ocean Boulevard has turned a corner. The mall is valued at $7.10 million as at 31 March 2008, a 32.7% increase since the purchase of the property in 2004. Prospects have improved considerably and it is poised for future growth. The high foot-traffic and dynamic inner city area, and support from the Hawke's Bay community for the new national brands mean that there is potential for Ocean Boulevard's performance to improve further.

The Manager is committed to further improving what is a key retail asset in Napier with its refurbished modern retail environment.