The high-profile premises leased to a leading Waikato web design business and a funeral service provider have gone up for sale in Hamilton’s premier industrial hub, with options for add-value investors, occupiers and developers.
Positioned opposite The Base shopping centre in Te Rapa, the property has massive profile and exposure to an estimated 20,000 passing vehicles per day on main arterial Wairere Drive.
The more than 3,500-square-metre site is occupied by digital marketing service provider Website Angels, along with Simply Funerals. It currently generates a total net rental return of $279,137 plus outgoings and GST per annum.
The freehold land and buildings at 388-390 Wairere Drive, Te Rapa, Hamilton, are being marketed for sale by Jordan Metcalfe and Rebecca Bruce of Bayleys Hamilton.
The property will be sold by deadline private treaty closing on Thursday 23 November, unless it is sold prior.
Metcalfe said the property comprised buildings with a combined lettable floor area of some 1,647 square metres on approximately 3,538 square metres of Industrial-zoned land.
The property features two high-stud, tilt-slab buildings plus a funeral services building, originally built as an office by Jennian Homes. The site also provides plenty of on-site car parking ensuring a high level of useability for the tenant businesses.
“With its location opposite The Base, this property offers massive profile to busy Wairere Drive and good access to main arterial routes and the Waikato Expressway.
“Currently leased to well-known Waikato tenants, and with the potential to occupy part of the property, there’s opportunity here for both owner-occupiers seeking to capitalise on the outstanding profile and those looking for a solid investment with upside.
“The site is potentially under-utilised. Developing it further, perhaps by adding another building, to make the most of this highly strategic and prominent location is also an option,” said Metcalfe.
Wairere Drive sits at the northern end of Hamilton’s premier industrial area of Te Rapa.
Bruce said the location’s easy access to Hamilton’s bypass and the Waikato Expressway made moving in and around Hamilton and out to Auckland, Tauranga and the wider Golden Triangle area a breeze.
“Te Rapa continues to see strong growth and high occupier demand and this is expected to keep increasing with further population growth and improved freight flows.
“The Wairere Drive property is handy to a plethora of amenities including The Base, which lays claim to being New Zealand’s largest shopping centre, along with supermarkets, cafes and eateries. It also benefits greatly from its proximity to Hamilton’s expanding northern residential suburbs,” said Bruce.