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Electrical services HQ sale set to spark interest from property investors

Tags: Commercial

The land and buildings currently housing a Waikato electrical services company’s office headquarters has been placed on the market for sale.

The property at 54 Greenwood Street in the industrial Hamilton suburb of Frankton features a 230 square metre warehouse depot and offices sitting on some 485 square metres of freehold industrial-zoned land facing onto one of Hamilton’s busiest street.

The premises is currently tenanted by electrician services firm Contact Electrical, which is willing to sign a new one-year lease on settlement of any new ownership of the premises, along with a further one-year right of renewal. The new lease will be for $32,400 plus GST per annum.

The property is being marketed for sale at auction at 11am on September 13 through Bayleys Hamilton. Salespeople Alex ten Hove and Mike Swanson said that some 24,900 vehicles used Greenwood Street on an average weekday. The route forms part of State Highway One as the main arterial road linking Hamilton’s northern and southern suburbs.

“That high traffic volume along Greenwood Street has seen a gamut of multi-national convenience food outlets – including Subway, McDonalds, Carls Jnr , Wendys and Burger King, KFC, Pita Pit and Burger Fuel - all establish a presence in this ‘strip’,” Mr ten Hove said.

“Surrounding commercial neighbours in the immediate vicinity of 54 Greenwood Street include several car yards, and a raft of companies sustaining the automotive repairs and maintenance sector.”

Mr Swanson said that the citing of the commercial office building structure in the middle portion of the landholding allowed for parking on either side. Internally, the property contained two open-plan workrooms or offices, along with a staff lunchroom and bathroom amenities.

“There are multiple options for the site. It can of course be maintained in its current configuration as an office headquarters location sustaining the call centre for a trades-based enterprise,” Mr Swanson said,

“Alternatively, the roller door access on one side of the building, allows for the straightforward conversion of some of the office layout into a light trades depot capable of storing a limited inventory of trade-based stock.

“Or a completely new structure could be built to capitalise on the high-profile exposure to Greenwood Street.”

Hamilton City Council’s industrial zoning for Greenwood Street has been initiated to ensure that land in the precinct continues to be occupied by premises whose tenancies are of an industrial nature – rather than being located in a more suitable ‘ business’ or commercial destination elsewhere in the city.

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