A multi-tenanted industrial property in the sought-after Hamilton precinct of Te Rapa is being presented to the market for sale and stands as an enticing split-risk investment opportunity.
18-20 Perclo Place, Te Rapa has 1,363sq m of total lettable area on a 2,147sq m freehold site. It is comprised of seven units ranging from 161sq m to 317sq m each.
The units are all occupied and leased to separate tenants, providing a total net rental income of approximately $187,000 per annum.
Each unit has its own separate amenities, including power, toilets, kitchenettes, lunchrooms, and roller doors. There is also allocated car parking for each.
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The property is zoned Industrial under the Hamilton City District Plan, allowing for a broad range of activities.
Te Rapa Road and Wairere Drive are both nearby, providing easy access to north and southbound routes, including State Highway 1. Hamilton CBD is only 7km away.
Colliers Brokers Blair Hutcheson, Anne-Marie Brown, and Alan Pracy have been exclusively appointed to market the property for sale via deadline private treaty closing at 3pm on Wednesday 30 April, unless sold prior.
The property is surrounded by a host of amenities, including a medical centre, childcare facilities, New World supermarket, and an abundance of retail offerings at The Base shopping complex.
It is well positioned to benefit from the high volume of traffic passing through the area making it a desirable location for businesses.
Six of the tenants began their lease terms in the latter half of last year while one commenced theirs in November 2023.
They all have lease terms of two to three years while a collection of tenants have renewal options that would take them into the 2030s, meaning the new owner will be able to benefit from a steady rental stream.
Hutcheson, Associate Director at Colliers Hamilton, says the property shapes as an enticing investment opportunity given its split-risk nature.
"With several tenants in place, the property is well placed to provide consistent rental income and its location will be a major drawcard for businesses, minimising potential vacancy exposure for investors," Hutcheson says.
Brown, Commercial Sales and Leasing Broker at Colliers Hamilton, says the location of the property will be highly appealing to potential purchasers given the accessibility of major transport links.
"The property sits near Wairere Drive, which forms part of the ring road transport link within Hamilton," Brown says.
"Commercial precincts such as Frankton and Hamilton Central are highly accessible and both Auckland and Tauranga can be easily reached via State Highway 1."
Pracy, Director at Colliers Hamilton, says the favourable zoning allows for a broad range of activities, which suits the multi-tenanted nature of the property.
"The industrial zoning means the units will fit the needs of a diverse range of businesses and these units have proven highly functional for the existing occupants," Pracy says.
- Supplied by Colliers
