Art Deco dairy factory cream of the crop in Waikato
• Three established tenants returning
$103,750pa plus GST net
• 719sqm building on a 1,012sqm freehold site, with 11 on-site car parks
• Prime corner location within Cambridge’s CBD
Deadline Sale Closing 4pm, 3 December 2020, 678 Victoria St, Hamilton CBD (unless sold prior)
Aaron Donaldson M 027 755 7522 aaron.donaldson@naiharcourts.co.nz John Robinson M 021 904 852
john@nzcpb.co.nz
An historic converted Art Deco dairy factory which now houses a cutting-edge electronics business has been placed on the market for sale.
Offered to the market for the first time in 25 years, the property at 436A State Highway 26 is being marketed for sale by auction on 3 December, if not sold prior, through Bayleys Hamilton.
The building, with its Art Deco facade has a good road profile and signage opportunities to passing traffic, and is located just a few minutes east of Hamilton — an area also benefiting from the improvements to regional transport links, led by the soon-to-be-completed Waikato Expressway.
Salespeople Jordan Metcalfe and Rebecca Bruce said the Newstead property consists of a building of 234 sqm on a quarter share of an approximately 4074-square metre cross-leased site.
The building incorporates a high-stud, clear-span workshop space equipped with three-phase power, plus separate offices and additional storage, and external yard space and parking.
The property is leased to Pure Electronics, which develops high-tech products and solutions for industrial and commercial businesses. Its tenancy generates net rental income of $25,000 plus GST and outgoings, on a lease that extends through to 2021.
However, the lease agreement includes a right to earlier vacant possession if the property is bought by a new owneroccupier.
“This Art Deco-style property has a fascinating historical back-story and heritage features which have seen it put forward for a Heritage-B ranking under the proposed Waikato District Plan,” said Metcalfe.
Constructed in 1935, just after the Great Depression, the Newstead milk supply plant (initially the Hamilton Co-operative Pure Milk Company) traded through WWII before being bought by the NZ Co-operative Dairy Co in 1947.
“Decades on, the changed nature of this area, the establishment of national transport networks and sprawling city growth bodes well for its future returns,” said Metcalfe.
The Newstead site has an underlying Rural zoning from Waikato District Council and resource consent for light-industrial activity.
Ms Bruce said the area’s popularity as a rural-residential lifestyle location has helped to fuel rapid growth in recent years.
Commercial and industrial property in Newstead had traditionally been in short supply. However, a booming population in recent years had led to an increase in demand and some commercial development, said Bruce.
The Waikato settlement is also home to the global headquarters of the multinational farming co-operative, Livestock Improvement Corporation (LIC). DairyNZ’s head office is also nearby, as is DairyNZ’s Scott farm and, behind that, Lye farm—a link back to the dairy factory cofounder, Frederick Lye, who served as a member of parliament for Waikato in the 1920s and 1930s.
“Just a few kilometres to the west, Hamilton provides a large and growing catchment as well as ready access to a wide range of city amenities,” she said.
“Positioned on State Highway 26, the Newstead site for sale has excellent transport connections across New Zealand’s ‘Golden Triangle’ linking Auckland, Hamilton and Tauranga. This location will get another major boost soon with the completion of the nearby Hamilton section of the expressway.”