Supermarket special, workshop bonus in Hamilton
Two commercial properties in a strategic Hamilton suburban location provide investors with the opportunity to collect income from a nationally branded supermarket tenant and scope to develop the neighbouring workshop buildings.
The 2565sq m holding at 271 Clyde St, Hamilton East, features 31 marked carparks and a Business 5–Suburban Centre Core zoning.
This potentially allows commercial development at street level and residential above, to maximise the location near Waikato University.
Bayleys salesperson Alex ten Hove says the property is a blue-chip investment opportunity with a strong tenant covenant, high-growth location and future development prospects.
Built in 2015, the main building features a 359sq m footprint, front and rear accessibility, and returns $107,841.82 plus outgoings and GST.
The supermarket tenant has a sixyear lease to September 2027 with three six-year rights of renewal. The lease provides built-in rental growth to CPI plus two per cent biannually and market reviews every four years.
The high-profile 336sq m of workshop premises and large yard area could be readily leased or developed further with multiple options available under the current zoning.
“Development of the workshop would see a new owner fully maximise preferable zoning fundamentals while increasing their revenue stream for a further bite of the cherry. The result would be a trophy mixed-use asset in a highly desirable growth location,” he says.
Alex ten Hove is marketing the property by auction with colleague Luke ten Hove at 12pm, Thursday March 14, unless sold prior.
Luke ten Hove says the block is positioned in a vibrant suburban location with high-density provisions and promotion to vehicles and foot traffic.
“Shopping centres, national brand retailers, restaurants, recreational facilities, urban amenities and transport networks are all features of this neighbourhood, which benefits from proximity to the university, the new Ruakura Superhub and Waikato Expressway.”