Fully leased Hamilton CBD office offers long leases and massive profile
A premium office property with long leases to four first-rate tenants, including global services company GHD, is for sale on a high-profile corner site in Hamilton’s CBD.
The 721sq m commercial building at 103 Tristram Street occupies a commanding position at the intersection with Collingwood Street, offering massive exposure to two of the CBD’s main arterials.
It is fully leased to a strong mix of local, national and global tenants, which together return $201,543 per annum in split-risk rental income.
Investment sales brokers David Palmer and Justin Oliver, of Colliers International Hamilton, have been exclusively appointed to market the property for sale by deadline private treaty.
Offers close at 3pm on Wednesday 12 June, unless the property is sold earlier.
Palmer says it is an exceptional opportunity to secure a prime commercial property with superb investment fundamentals.
“With its strong tenant covenant, multiple income streams and high-profile location, this investment ticks all the boxes.
“The property spans three freehold titles with a total area of 1,239sq m. It comprises an attractive two-level office building that was recently refurbished to a very high standard in 2013 and 2014.
“Extensive signage ensures the property makes the most of its prominent location, while 15 car parks provide ample space for tenants and their clients.”
Oliver says the property is located at the south of Hamilton’s CBD, close to Hamilton Lake and Waikato Hospital.
“It is surrounded by a mix of businesses and services including New Shoots childcare, which is a direct neighbour, as well as BP, Wintec and a range of private medical suppliers and consultants.
“The site provides easy access in all directions across Hamilton, and on to main arterials leading north to Auckland and south. It is also well served by public transport along Tristram Street itself.
“Numerous hospitality offerings are only a short walk away on Collingwood Street and Victoria Street.”
The building is currently split into four tenancies, comprising a large and small office on each floor, plus common areas.
The tenants are on leases of between four to six years, with rights of renewal bringing the final expiry dates to between 2027 and 2031. Rental reviews are a mix of CPI and market.
The Employers and Manufacturers Association (EMA) occupies the larger ground floor office of 208.8sq m. The organisation provides its members with employment relations advice, business courses and advocacy.
Russell Drake Consulting occupies the smaller ground floor office of 123.7sq m. The Hamilton company provides employment relations, human resources, recruitment and management consulting services.
GHD occupies the larger first floor office of 213.5sq m. The company is one of the world's leading professional services providers, offering engineering, architecture, environmental and construction services.
Zambion occupies the smaller first floor office of 131.4sq m. The New Zealand company provides integrated people management software solutions encompassing rostering, timesheets, leave management and payroll. Clients include Vodafone, Emirates, Cathay Pacific and Lotto NZ.
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