The land and buildings of a multi-tenanted commercial offering that occupies a prominent position in Cambridge is available for purchase.
2 Oliver Street, Cambridge is home to four separate income streams on a 4,051sq m site that has 2,024sq m of total net lettable area.
With nationally recognised tenants in place, including Guthrie Bowron and Hunting & Fishing New Zealand, this is an outstanding split-risk investment opportunity in a tightly held commercial location.
Some of the tenancy agreements run into the next decade or beyond if all rights of renewal are exhausted and the total net annual rental income from the property is $374,642 plus GST and outgoings.
With 50m of exposure to Oliver Street, the property sits among high-profile neighbours such as Mitre 10 Mega, Repco, Mico, and Farm Source.
There are further retail and hospitality offerings on Victoria, Empire, and Duke Streets, which are only a short drive away. The Waikato Expressway, which offers access north and southbound, is also easily reached.
Colliers Hamilton Brokers David Palmer and Justin Oliver have been exclusively appointed to market the property for sale via deadline private treaty closing at 3pm on Thursday 22 February, unless sold prior.
The property has four separate income streams on a 4,051sq m site.
Hunting & Fishing occupies a modern 550sq m building and have a 10-year lease that began in November 2021. They have two further rights of renewal for five years each. There is also a market rent review due in November 2025.
Guthrie Bowron is located in a refurbished 400sq m building that is visible from the road. Their five-year lease began in 2021 and there is one further right of renewal for five years. Market rent reviews are scheduled for every two years from 2025 through to 2029.
The gym tenancy occupies 706sq m of floorspace on a 10-year term that began in April 2023. They have two further rights of renewal for five years. There is also a scheduled rental increase in April 2025 and a market review due in April 2027.
Strive Performing Arts Studio leases 80sq m of space at the property and their tenancy runs until September 2026. Guthrie Bowron and the gym tenancy also lease additional floorspace on short-term agreements that run until 2026.
The total net annual rental income from the property is $374,642 plus GST and outgoings.
Palmer, Senior Sales and Leasing Broker at Colliers Hamilton, says the tenancy mixture will be appealing for prospective purchasers at a property that offers convenient street access and car parking for customers and suppliers.
“Many of these lease agreements have attractive terms that will generate future rental growth for the new owner,” Palmer says.
“The opportunity to secure a split-risk investment with long-term occupants is rarely seen in Cambridge and the strong tenant covenant provides a major selling point.”
Oliver, Senior Sales and Leasing Broker at Colliers Hamilton, says the growth of Cambridge has added to continued demand for commercial and retail services.
“According to data from Infometrics, Cambridge’s population grew 2.9 per cent between 2015 and 2022, outpacing the national growth rate of 1.5 per cent,” Oliver says.
“Cambridge’s local GDP has grown steadily during the past decade as more businesses have recognised the opportunities on offer, while there is also a strong sporting community with the national rowing and cycling bases in the area.
“This property offers buyers the chance to secure a highly visible asset in a busy commercial hub and we encourage all interested parties to contact us immediately.”
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