The land and building housing a range of retail and commercial tenants – including a popular Indian curry restaurant – in Hamilton’s main street have been placed on the market for sale.
The two-storey commercial block at 851 Victoria Street encompass five vastly different tenancies – ranging from two operating in the financial services sector, through to two technology firms, and a well-patronised Indian eatery.
The building has approximately 31-metres of frontage onto Victoria Street - with a wide entrance lobby-style stairwell leading off the pavement to the upper levels.
The reinforced concrete block wall building with steel beams on the first floor and an angled glazed verandah over the pavement, was constructed in 1988, and has a new building standards rating of 70 percent. Its five retail and commercial tenancies generate a combined annual income of $256,215 plus GST per annum.
Among the individual tenancies are:
• Property accountancy firm Coombe Smith, currently on a six-year lease expiring in 2021 with two further six-year rights of renewal
• Money-lending franchise Instant Finance, currently on a lease expiring in 2019 with two further three-year rights of renewal – one of which has already been requested
• Ethnic eatery Gulmohar Indian Restaurant, currently on a lease expiring in 2022 with four further three-year rights of renewal
• Artificial intelligence technology firm Face Me, currently on a lease expiring in 2019 with two further three-year rights of renewal and
• Website development company Digital Stream, currently on a sub-lease expiring in 2019 with two further three-year rights of renewal.
The freehold land and building at 851 Victoria Street are now being marketed for sale at auction on December 6 by Bayleys Hamilton. Salespeople Jordan Metcalfe and Rebecca Bruce said the 1,083 square metre building sat on 958 square metres of land fronting onto Hamilton’s main street.
The property comes with car parking at the rear of the premises, with a lift providing access from the car parking to the upper floor of the building.
Mr Metcalfe said the building’s diversified tenancy split was perfectly balanced – with Gulmohar restaurant and Instant Finance both benefitting from the substantial ground-level foot-traffic exposure, while the commercial office spaces above operated in modern open-plan work environments featuring a significant amount of natural lighting.
“With all tenancies having high degrees of interaction with the public as their clientele, this site is advantaged by the substantial amount of metered parking immediately outside its front doors along the length of Victoria Street in both directions,” Mr Metcalfe said.
“The angled-glass shape of the building’s facia make it a well-known structure in this retail and commercial tenancy-dominated part of town. In fact, it is the only two-storey building in its block.
“From a marketing and branding perspective, there is the potential to add to the building’s prominence even further through naming rights signage on both its southern and northern perimeters, and on the top floor immediately above the main entrance stairwell.”
Ms Bruce said the design of 851 Victoria Street meant the commercial tenancies enjoyed natural lighting from the floor-to-ceiling height windows set behind the sloping glass portico, with additional windows set into angled ceiling.
“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. The tenancies are also served by commercial-grade air conditioning units,” she said.