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Going, going, gone…. real estate agency’s regional HQ building goes up for sale

Tags: Commercial

The land and ultra-modern building housing the regional headquarters for the Waikato’s leading full-service real estate agency have been placed on the market for sale simultaneously.

The at 96 Ulster Street on the northern approach to Hamilton’s central business districts houses the offices for Bayleys. Repurposed in 2015, it also accommodates insurance broking firm Rothbury, which is owned by Bayleys Hamilton’s parent company.

The 685 square metre two-storey building and 25 staff and customer car parks sit on 1,776 square metres of flat land overlooking the busy intersection with Mill Street.

The freehold land and building at 96 Ulster Street are now being marketed for sale by auction on December 6 through Bayleys Hamilton, Salespeople Mike Swanson and Alex ten Hove said the commercial space was purpose-built for Bayleys in a modern, open plan, and semi-industrial interior décor and feel.

“The office accommodates some 50 personnel across the company’s multiple service divisions – encompassing sales and administrative teams in the residential, commercial and rural property sales sectors, along with the Rothbury insurance advisory staff,” said Mr ten Hove.

“The lower level of 504 square metres is particularly flexible in how it can be configured - with floorspace consisting of Bayleys’ reception area, communal staff café which is utilised by members of the public during functions and events, and a large auction room where Bayleys conducts residential, commercial and rural auctions on a weekly basis.

“Small meeting rooms to the side of the main auction floor are used for hosting property vendors through the auction process so they can view proceedings privately, yet be on hand for negotiations should they be required.

“When not used on auction days, the offices are used for vendor and purchaser meetings. Upstairs, the 181 square metre mezzanine level features a break-out room, with more open-plan office workspace – creating a very collegial atmosphere among all employees.”

Success Realty Ltd, trading as Bayleys is currently on a 10-year lease at the Ulster Street premises, running through until 2025 with two further six-year rights of renewal, and generating rental of $224,080 per annum.

Originally built in 2011, the building was completely refurbished and modernised internally and externally in 2015 into its current look and fitout. It has a new build standards rating of 100 percent.

Mr Swanson said the building had been future-proof designed to accommodate Bayleys’ ever-growing staff compliment as the company continued to increase its market share in all three real estate sectors throughout the Waikato.

“The apex location of this office parallels the dynamic of the strong tenant profile which is firmly anchored in the Waikato economy. Extensive naming-rights signage and spotlighting around the exterior of the premises ensures this is one of the most instantly recognised landmark buildings in Hamilton.

“As well as hosting numerous client functions and events inside the office throughout the course of the year, the office and its adjoining car parking amenity are regularly used for marquee-style functions before major rugby matches at the nearby FMCG Waikato Stadium just a few hundred metres away,” Mr Swanson said.

“Last year’s Lions game in Hamilton was a particularly well-attended Bayleys pre-game ‘warm-up’.

“This is a trophy property which ticks all the criteria from a quality investment perspective – a premium-grade building in a prime location, with an established tenant, on a long lease.”

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