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Large adjoining industrial premises go up for sale

Tags: Commercial

Two large adjoining industrial-zoned properties in the Hamilton precinct of Frankton have been placed on the market for sale.

The 6,071-square metre sites sit over two landholdings and house an engineering firm. The properties at 36 – 40 Colombo Street and 32 – 36 Ellis Street are being marketed for sale by auction at noon on April 11 through Bayleys Hamilton.

Salespeople Rebecca Bruce and Jordan Metcalfe said the engineering firm tenant was on a lease running through to 2020 at both industrial sites, paying a combined annual net rental of $295,765 plus GST.

The tenant also leases another neighbouring site from a separate landlord. This property is not included in the two portions being marketed for sale.

“Under their individual titles, 36 – 40 Colombo Street consists of 3,036-square metres of land sustaining 2,206 square metres of industrial factory premises built in 1984. Meanwhile, 32 – 36 Ellis Street consists of 3,035-square metres of land sustaining 1,147-square metres of premises,” Ms Bruce said.

“Both buildings have separate office administration floor space, and staff amenities such as bathrooms and lunchrooms. The site is located directly beside a curb-side electricity transformer box for efficient power supply into its machinery.

“The premises benefits from dual-entry points off both Colombo Street and Ellis Street giving ‘drive-through’ access to either side of the property for the sole tenant – enabling efficient logistics movements of product manufactured on site.”

Straddling State Highway One, Frankton is the closest industrial suburb to Hamilton’s central business district. Mr Metcalfe said the Colombo and Ellis Street sites would be auctioned in a strategic manner.

“First, they will be offered up as one combined package – encompassing the entire significant 6,071-square metre block. If the offering does not sell in that format, then the individual land titles will be placed up for auction,” he said.

“That opens up dual investment opportunities for the sites, retaining the engineering firm as the tenant – either to be bought as one greater location, or purchasing one of the two smaller portions.”

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