A fully tenanted block of suburban shops by the Waikato River, only two minutes’ drive from the Hamilton CBD, is for sale for the first time ever.
The freehold property at 546 River Road, Fairfield, is a family heirloom that has never before been put on the market.
The family trust has now made the difficult decision to sell up, presenting a rare opportunity to acquire what is arguably Hamilton’s best strip of suburban retail shops.
Colliers International has been exclusively appointed to market the property for sale by deadline private treaty closing at 3pm on Wednesday 18 November, unless it is sold prior.
“This is a treasure of a property that has provided its owners with a lifetime of income,” says Palmer.
“The property is superbly situated on the east side of River Road, immediately after crossing Fairfield Bridge from the CBD heading north.
“The bridge is one of only six Waikato River crossings in Hamilton, which ensures sustained high traffic volumes.
“The fact these shops have rarely sat empty, and continue to attract regular approaches from eager tenants, is testament to the strength of the location.”
River Road is a busy suburban arterial route that runs through some of Hamilton’s most prestigious locations.
As its name suggests, the road follows the Waikato River right through Hamilton, from Anzac Bridge in the south, to north of the city boundary.
The property for sale is served by customer parking on both sides of the road, with staff parking at rear of the shops accessed off Banbury Crescent.
Justin Oliver, Investment Sales Broker at Colliers Hamilton, says it is fully occupied by five longstanding and happy tenants.
“The tenants include a hair salon, beauty clinic, cafe, homeware store and boutique charity shop. Together they provide a spread of income for the lucky new owner, who will pocket $107,586 in net annual rent.
“Two vacancies are coming up in 2021, providing an opportunity for an owner-occupier to take possession, or an investor to add value.
“There is also an opportunity to reposition the property to make the most of its affluent residential catchment. The shops are surrounded by houses, while to the north is Waikato Diocesan School for Girls. The strength of this location opens up the possibility of future mixed-use redevelopment.
“They’re not making any more of this classic suburban strip retail, and this tightly held property ticks all the boxes. Here’s your chance to make it your own.”