An office and warehouse building on a high-profile corner site in the industrial hub of Te Rapa in Hamilton is being presented to the market for sale and offers buyers the chance to acquire a highly functional asset in a sought-after location.
20 Norman Hayward Place was originally constructed for dual tenancies and has 2,100sq m of total building area on a 4,120sq m site.
The property is currently tenanted by the N Z Skin Care Company Ltd, a firm that was founded in 2000 and has five brands, which deliver safe and natural wellness products to a global customer base.
This long-term tenant has made significant capital investments in the buildings and their five-year lease term runs until 30 September 2028. The total net annual rental income from the property is $277,000 plus GST and outgoings.
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Given the lease for the N Z Skin Care Company expires in approximately three years, the new owner will have the option to explore negotiating a renewal with the existing tenant or seek new occupants for the premises.
The property sits approximately 1km from The Base shopping centre, offering access to an extensive array of amenities, while the motorway network is a short drive away.
Alan Pracy, Director at Colliers Hamilton, has been exclusively appointed to market the property for sale via deadline private treaty closing at 3pm on Wednesday 20 August, unless sold prior.
The property has three street frontages and offers excellent access, while there is also convenient on-site parking.
Premises 1 has 1,468sq m of total rentable area, which includes 430sq m of main office space and a 958sq m warehouse. The warehouse is open plan with significant tenant-owned improvements and three offices to the front corner that includes a part partitioned/part open mezzanine level above, and automatic roller doors.
Premises 2 has 632sq m of net lettable area and provides office and showroom space that measures 202sq m, 190sq m of storage, and a 240sq m warehouse.
Pracy says buyers will be drawn to this offering as they have the potential to utilise this asset in a range of different ways given the current leasing arrangement.
"The existing tenant is firmly established in the location and has expressed an interest in staying in the property but with the final expiry on the horizon, an owner-occupier may view this property as the right one for them to conduct their own business operations," Pracy says.
"This would give them the chance to secure holding income while they plan their future moves.
"Given the property can be positioned to accommodate two tenancies, the new owner may choose to occupy a portion and lease the balance, or an investor may choose to secure a new lease agreement either from the existing tenant or new tenants."
Data from Infometrics points to underlying fundamentals that bode well for continued economic development in Hamilton with consistent population growth and a rising number of business units.
In 2024 there was a 1.6 per cent increase in business units across the city, compared to a national figure of 0.9 per cent.
- Supplied by Colliers
