The land and building housing a range of healthcare tenants – including a dental practice, optometrist’s clinic and skincare beauty salon – have been placed on the market for sale.
The two-storey commercial block at 33 Duke Street in the Waikato township of Cambridge encompass three tenancies operating in the medical and healthcare sector.
The two-storey building has approximately 18-metres of frontage onto Duke Street - with a wide stairwell leading off the pavement to the upper level – and is just a few doors down from Cambridge town’s central junction. The location is zoned for commercial use under Waipa District Council’s regional plan.
Like many buildings in Cambridge’s central business district, the rectangular-shaped concrete block building at 33 Duke Street was constructed in the 1960s. It has a new building standards rating of 45 percent.
The property’s three tenancies generate a combined annual income of $79,400 plus GST per annum, and all have regular rent reviews built into their lease terms. The block comes with two car parks at the rear of the premises, which are both allocated to the lead tenant.
Among the trio of tenancies at 33 Duke Street are:
• Oral healthcare specialists Dental Care Cambridge occupying first-floor space currently on a two-year lease running through to 2021, with four further two-year rights of renewal
• Optometry clinic Matthew Eyewear Eyecare, occupying ground-floor space currently on a lease running through to 2021, with three further two-year rights of renewal and
• Beauty therapy treatment salon Skinvae, currently occupying first-floor on a lease expiring at the end of this month.
The freehold land and building at 33 Duke Street beside the Cambridge volunteer fire brigade headquarters are now being marketed for sale at auction on at noon on May 16 by Bayleys Hamilton. Salespeople David Cashmore and Rebecca Bruce said the 510 square metre building sat on 390 square metres of land. They said all outgoings for the property were paid by the tenants on a proportionate basis.
“With all three tenancies having high degrees of interaction with the local public as their clientele, the Duke Street site benefits from substantial unmetered parking immediately outside its front doors along both directions,” Mr Cashmore said.
“The property’s location is beside one of the busiest intersections in Cambridge – with the main route of Victoria Street intersecting with Duke Street and Empire Streets.
“With retail and food and beverage tenancies occupying the majority of busy Victoria Street premises, the bulk of Cambridge’s professional services businesses and commercial tenancies are located on the streets running off that central spine such as Duke Street - where per square metre rental rates are slightly cheaper without sacrificing access convenience.
“Inside the building, all three tenancies trade from very well-maintained and stylish environments befitting of the relevant clientele – ranging from the relaxing ambient surrounds of the beauty therapies studio through to the
meticulously-cleansed patient rooms within the dental clinic.”
Ms Bruce said the most likely buyer demographic for the property was either an investor looking for a split-risk opportunity, or a professional services business owner/operator in the town looking to relocate and whose clientele demanded a town centre location.