250 Ulster Street, Whitiora, Hamilton

5,524sqm CBD fringe with so much potential

In a sought-after CBD fringe location on one of Hamilton's major arterial routes, this prime property couldn't be in a better spot. Occupying a very large land area, the site alone is ideal for development. Of great advantage is its corner positioning with multiple access points and close proximity to Frankton, Te Rapa, the CBD and a short walk to Waikato Stadium. Comprehensive residential developments surround the property, which lends itself to multiple development options. A shortage of land in this locale, along with a strong economy, low interest rates and a positive development market, augur well for its future. The multi-faceted motor inn business currently generates $348,000 annual income, with opportunities to increase profitability through modernisation. An excellent investment with a lease in place. The complex comprises a good mix of accommodation options, a commercial kitchen, a cafe, a fully licensed restaurant and bar, a swimming pool, various conference rooms and facilities.
Land Area: 5,524sqm (more or less)
Buildings: 34 units plus the main building and dwelling
Zoning: Commercial, Accommodation, CBD, average (CA)

Tenant: Aaron Court Motor Inn Limited
Term: 30 years (Expiry 2034)
Net Rental: $348,000p.a. plus a 4% maintenance fund