A highly visible multi-level office building with established tenants signed to long-term leases in central Hamilton offers prospective purchasers the opportunity to acquire a premier asset with a steady rental stream.
109 Ward Street, Hamilton sits prominently on 1,779sq m of land on the corner of Ward Street and Anglesea Street and has excellent visibility from the road.
The five-level freehold building provides 4,769sq m of total floor area that includes ground floor retail and four levels of office space. There’s also a single basement level that extends beneath the landscaped public plaza area and provides basement parking and storage space.
PwC is the anchor tenant and has naming rights to the building, while there’s a collection of recognisable businesses also in the property, including international professional services company Stantec, healthcare organisation Southern Cross, and law firm Neverman Bennett.
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The total annual rental income from the property is $1,718,374 plus GST and operating expenses.
The building fronts Anglesea Street, a major arterial road with approximately 13,000 cars passing daily and sits opposite Centre Place, which serves as central Hamilton’s main shopping centre and is home to more than 100 shops.
Hamilton’s Transport Centre is located nearby, as well as a host of other amenities.
Alan Pracy, Director at Colliers Hamilton, has been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Tuesday 7 March, unless sold prior.
Constructed in 2013, the property was developed to a 4 Green Star Design & As Built rating.
The building consists of concrete foundations, pillars, and beams, together with concrete floor slabs, structural columns, iron roof cladding, and aluminium joinery with glass curtain wall cladding along the front elevation and textured concrete tilt slab walls to the other two elevations.
The triangular shape of the floor plates provides for very good natural light and CBD views through the extensive glazing along the south-eastern elevation. The floor plates are approximately 1,030sq m.
PwC leases Level 4 and part of Level 3, and their current tenancy agreement runs until 2025 with one further right of renewal for six years.
Stantec leases the balance of Level 3, and the final expiry of their agreement is in 2033, while Southern Cross leases Level 2 and part of Level 1. Southern Cross’s current lease runs until 2028 with multiple rights of renewal leading to a final expiry in 2040. Neverman Bennett is also located on Level 1.
The seven tenants on the ground floor include Chartered Accountants Australia and New Zealand, Pita Pit, and a sushi shop with many tenancies extending into next decade when including their rights of renewal. The basement has 42 car parks that are allocated to the tenants.
Pracy says the property is strategically located on a landmark corner site in an area of the city that is undergoing significant development.
“This is an outstanding passive investment opportunity for purchasers looking for a top-quality asset that has a strong tenant covenant,” Pracy says.
“There’s a number of high-profile organisations located in this modern property who are signed to long-term lease agreements.
“With popular shopping locations such as Kmart, The Warehouse, and Centre Place in walking distance, as well as the Transport Centre, this property offers convenience for tenants and customers.
“High-profile buildings like this one are rarely brought to the open market and I encourage all interested parties to contact me immediately to ensure they don’t miss out on the chance to acquire this sought-after asset.”
- Article supplied by Colliers
