Leased split-risk Hamilton office
Apremium office property with long leases to four established tenants, including global services company GHD, is for sale on a high-profile corner site in Hamilton’s CBD.
“This investment property ticks all the boxes,” says David Palmer of Colliers International Hamilton who, with colleague Justin Oliver, is exclusively marketing 103 Tristram St for sale by deadline private treaty with offers closing at 3pm on Wednesday June 12 — unless it sells earlier.
Palmer says the 721sq m two-level commercial office building sits over three freehold titles with a total area of 1239sq m.
Recently refurbished to a high standard in 2013 and 2014, it occupies a commanding position at Tristram St’s intersection with Collingwood St, giving extensive exposure to traffic using the CBD’s main arterial thoroughfares.
It is fully leased to a strong splitrisk mix of local, national and global tenants, which together pay $201,543 per annum in rent.
The building is split into four tenancies, comprising a large and small office on each floor, plus common areas. The tenants are on leases of between four to six years, with rights of renewal bringing the final expiry dates to between 2027 and 2031.
Rent reviews are a mix of rates based on the Consumer Price Index and to the market.
The Employers and Manufacturers Association (EMA) leases the larger
ground floor office of 208.8sq m; providing its members with employment relations advice, business courses and advocacy.
Russell Drake Consulting occupies a smaller ground floor office of 123.7sq m offering employment relations, human resources, recruitment and management consulting services. Professional services company GHD rents the larger first floor office of 213.5sq m delivering engineering, architecture, environmental and construction services.
Zambion is the tenant in the smaller first floor office of 131.4sq m providing integrated people management software solutions which encompass rostering, timesheets, leave management and payroll. Clients include Vodafone, Emirates, Cathay Pacific and Lotto NZ.
Palmer says the sale presents an exceptional opportunity to secure a prime commercial property with superb investment fundamentals in the form of a strong tenant covenant, multiple income streams and highprofile location. “Extensive signage ensures the property makes the most of its prominent location, while 15 car parks provide ample space for tenants and their clients.”
Oliver says the property is south of Hamilton’s CBD, close to Hamilton Lake and Waikato Hospital.
“It is surrounded by a mix of businesses and services including New Shoots childcare, which is a direct neighbour, as well as BP, Wintec and a range of private medical suppliers and consultants.