Prime city investment
Most cities have a main street and, more often than not, it’s a focal point for shops and retailers in a central business district. In Hamilton’s case, Victoria Street references the city’s hot spot for socialising, cuisine, arts, entertainment, retail and commerce. It has the added feature of a river aspect and offers many opportunities to access picturesque walking/cycling trails. Many of the city’s venues and attractions are located on the old town belt including Hamilton Gardens, FMG Waikato Stadium, worldrenowned Seddon Park cricket ground and Hamilton Lake Domain.
Over the past decade Victoria Street has sprouted a sophisticated and vibrant stretch of bars and eateries, earning a reputation as a bustling entertainment area that on the weekend, at least, can rival Auckland’s Viaduct Harbour.
Hamilton’s CBD comprises around 12 city blocks from north to south and four blocks east to west, and is home to Waikato Institute of Technology’s central campus and the bus interchange centre. The CBD has free wi-fi throughout, a free inner-city bus shuttle, public squares, on and off-street parking with electronic parking systems, wide footpaths and a central library. Waikato Museum, Arts Post and theatres give it a strong arts and culture flavour. Everything is in flat, easy-walking distance.
As Hamilton continues to grow rapidly, council is trying to balance the growth with new developments, transport projects, and considering more office accommodation in the CBD. Several quality companies are active in the inner city.
This prime investment is strategically located opposite Waikato Museum at the southern end of Victoria Street. The 768sqm site in four unit titles, which have a 25m street frontage, is in the hub of the city’s entertainment and arts precinct, and just 150m or so from Hamilton’s proposed new regional theatre.
On offer are three modern, unit titled, executive-style two-bedroom apartments of approximately 96sqm each, sitting above some 460sqm of unit titled groundlevel commercial space. The apartments have enjoyed almost continuous tenancy since their construction around 15 years ago. The current ground floor tenant is an education/training business planning to vacate the tenancy before Christmas. The tenancy is suited to diverse use including retail, office, restaurant, or any business compliant with the Hamilton City Council Central City Zone. It has previously been fitted out for a restaurant.
Four on-site car parks front the Victoria Street commercial unit. A further park and loading zone in the secure rear yard is accessed off a right-of-way on Hood Street. The three apartment car parks are also in the rear yard area.
The building’s current net annual income is approximately $115,000. Eves Realty commercial sales consultant Nick Taylor says the property is suited to both an owner/operator and an investor. It is for sale by deadline private treaty closing later this month. LIM and earthquake reports, plus further details, are available on application. Contact Nick Taylor.