Hamilton building in prominent location

A commercial building in central Hamilton is available for purchase and will appeal to owner-occupiers or investors given its prime location.

Sitting at 291 Barton Street in the heart of the city, the property has 419sq m of total building area on a 650sq m freehold site.

The building is split into two tenancies, one of which is currently vacant, while the other is tenanted by a well-known women’s fashion retailer, NES, that has been in Hamilton for over 25 years.

NES began their tenancy in May 2011 and their current three-year lease term runs until May 2027. The net annual rental income from their lease agreement is $54,000 plus GST.

With excellent street frontage, the building is highly visible to passing vehicles and foot traffic. It is also surrounded by a dynamic mix of retail, hospitality, and commercial businesses.

Prominent nearby landmarks include Centre Place shopping centre, The Warehouse, Kmart, the Hamilton Transport Centre, and Seddon Park.

Colliers Hamilton Brokers Alan Pracy and Luke Verschaffelt have been exclusively appointed to market the property for sale via deadline private treaty closing at 3pm on Thursday 25 September, unless sold prior.

The property includes sealed access and car parking areas at the rear, which includes five dedicated parks, and can be reached via a shared right-of-way.

Originally constructed around the 1940s, the building underwent refurbishment in the mid-1990s. The property is built on concrete foundations with a concrete floor, and the exterior consists of concrete block and masonry walls.

Pracy, Director at Colliers Hamilton, says discerning buyers will recognise the potential on offer given part of the building is available with vacant possession.

“The new owner has the chance to acquire this asset and add value through further investment or placing a new tenant in there and these plans could be enacted quickly. The functional space that is vacant could be positioned in a range of ways, including retail and hospitality operators,” Pracy says.

“On the other hand, an owner-occupier may wish to utilise the property for their own enterprise and enjoy the rental stream on offer from the existing tenant within the property that has a longstanding presence in the city.”

With so many amenities nearby, Verschaffelt, Commercial Sales and Leasing Broker at Colliers Hamilton, says the location is highly desirable for those seeking a premises in the centre of the city.

“There’s a considerable array of retailers in the general vicinity and a shopping mall that draws people to the area and contributes to strong levels of foot traffic,” Verschaffelt says.

“Hamilton is a growing city that has seen its population consistently rise during the past five years, according to data from Infometrics, which will lead to an ongoing demand for commercial services in the area.

“This property gives buyers the chance to acquire a commercial building in a popular area of the CBD that has future upside.”

- Supplied by Colliers