Adding spice in Victoria St
A property housing an eclectic community of tenants, including a popular Indian curry restaurant, is for sale in Hamilton’s main street.
The two-storey commercial block, at 851 Victoria St, has five tenants — two financial services, two technology firms and a popular Indian restaurant.
Built in 1988, it has about 31m of frontage on Victoria St, with a wide entrance lobby-style stairwell leading off the pavement to the upper levels. It is of concrete block and steel beam construction and has a distinctive angled glass verandah. The seismic rating equals 70 per cent of the New Building Standard.
The five tenancies, which generate combined annual income of $256,215 plus GST pa, are:
● Property accountancy firm Coombe Smith, on a six-year lease expiring in 2021, with two further sixyear rights of renewal.
● Money-lender Instant Finance, on a lease expiring in 2019, with two further three-year rights of renewal (one already requested).
● Gulmohar Indian Restaurant, on a lease expiring in 2022, with four further three-year rights of renewal.
● Artificial intelligence technology firm Face Me, on a lease expiring in 2019, with two further three-year rights of renewal.
● Website development company Digital Stream, currently on a sublease expiring in 2019 with two further three-year rights of renewal.
The freehold property is being marketed for sale at auction, on December 6, by Bayleys Hamilton, and it features in Bayleys’ latest Total Property portfolio magazine.
Hamilton Salespeople Jordan Metcalfe and Rebecca Bruce say the 1083sq m building sits on 958sq m of land. It has car parking at the rear of the premises, with a lift providing access from the car parking to the upper floor of the building.
Gulmohar restaurant and Instant Finance benefit from substantial ground-level foot-traffic exposure; while commercial office spaces above operate in modern open-plan work environments receiving excellent natural lighting.
“All these tenancies interact with the public, so having abundant metered parking just outside the front door is a huge advantage,” Metcalfe says.
“From a marketing and branding perspective, there is much potential to add value. Naming-rights signage would work well on southern and northern perimeters and top floor, immediately above the main entrance stairwell.”
“All portions of the upper-level office space were refurbished to a high standard in 2016, and now feature an open-plan working environment for the tenants, with access to the car park via a rear stairwell,” Bruce says, “The tenancies are also served by commercial-grade air conditioning units.”