Hamilton building has all the angles covered
A multi-level office building with established tenants signed to long-term leases in central Hamilton offers the opportunity to acquire a premier asset with a steady rental stream.
109 Ward St sits prominently on 1779sq m of land on the corner of Ward and Anglesea streets and has excellent visibility from the road.
The five-level freehold building provides 4769sq m of total floor area that includes ground-floor retail and four levels of office space. There’s also a single basement level that extends beneath the landscaped public plaza and provides basement parking and storage space.
PwC is the anchor tenant and has naming rights to the building. Other tenants include Stantec international professional services company, Southern Cross healthcare and Neverman Bennett lawyers.
Total annual rental income is $1,718,374 plus GST and operating expenses.
The building fronts Anglesea St, a major arterial road with approximately 13,000 cars passing daily and sits opposite CentrePlace, central Hamilton’s main shopping centre with more than 100 shops.
Alan Pracy, director at Colliers Hamilton, is marketing the property for sale by deadline private treaty closing at 4pm, Tuesday March 7 unless sold prior.
Constructed in 2013, the property was developed to a 4 Green Star Design & As Built rating.
The triangular shape provides for very good natural light and CBD views through extensive glazing along the southeastern elevation. The floor plates are approximately 1030sq m.
PwC leases Level 4 and part of Level 3. Its current agreement runs until 2025 with one further right of renewal for six years.
Stantec leases the balance of Level 3 with final expiry of its agreement in 2033.
Southern Cross leases Level 2 and part of Level 1. Its current lease runs until 2028 with multiple rights of renewal leading to a final expiry in 2040.
Neverman Bennett is also located on Level 1.
The seven ground-floor tenants include Chartered Accountants Australia and New Zealand, Pita Pit and a sushi shop.
Many tenancies extend into next decade when including rights of renewal.
The basement has 42 carparks that are allocated to the tenants.
Pracy says the property is strategically located on a landmark corner site in an area of the city that is undergoing significant development.
“This is an outstanding passive investment opportunity for purchasers looking for a top-quality asset that has a strong tenant covenant,” Pracy says.
“There’s a number of high-profile organisations located in this modern property who are signed to long-term lease agreements.
“With popular shopping locations such as Kmart, The Warehouse, and Centre Place in walking distance, as well as the Transport Centre, this property offers convenience for tenants and customers.”