Property investors calculate the bottom line

A substantial Te Aroha office complex housing one of Waikato's biggest rural accounting firms is on the market for sale.

Formerly home to the Waikato River Board, the 2,000sq m building on a freehold 5,116 square metre site at 59 Whitaker Street has been owned and occupied by Diprose Miller Chartered Accountants for the past 25 years.

A change in direction by some of the directors of the 50-year-old accountancy practise has resulted in the property being put up for sale with an initial lease back to the firm of six-years at yearly rental of $90,000 plus GST.

The property is being marketed for sale by auction on December 5 through Bayleys Waikato salespeople Josh Smith and David Cashmore. It features in Bayleys’ latest Total Property portfolio magazine.

Mr Smith said Te Aroha has been a prime location for Diprose Miller to service its nationwide rural and business client base. The company is ranked 15th in the CA ANZ top 30 accounting firms in New Zealand.

The well-presented Whitaker Street property was constructed as a purpose-built office complex in the 1980s of brick, aluminium joinery and an iron cladding roof. It is zoned commercial (8A) under the Matamata Piako Council's district plan.

Internally, access to multiple offices is from the reception area leading to staff facilities, conference rooms and large storage areas for client documents.

Offices bordering an internal garden atrium provide staff with a serene outlook and a quiet retreat for breaks and below the octagonal conference room is a staff meal room leading out to a private courtyard.

For staff, substantial parking is provided at the rear of the building off Rewi Street,  while for clients there is parking at the front of the building on Whitaker Street.

Picturesque grounds surrounding the building allow it to blend in with neighbouring houses. Just along Whitaker Street immediately adjacent to the Kenrick St intersection is the historic town centre and still the main retail area.

Surrounding the town centre is a mix of offices, commercial and service industry properties and rural supply stores.

In the already established business area, Mr Smith said Diprose Miller's six year lease with two six year rights of renewal allowed the company to use or sublease any vacant space.

The practice provides accounting, business and advisory services and works with small to medium sized businesses, farming and agricultural clients across New Zealand. The rural sector provided the foundation for the company's growth and continues to have a special place in its business.

Described as a progressive chartered accountancy, Diprose Miller helps clients embrace technology to drive growth. It was named Xero’s national accounting firm of the year in 2017.

Mr Smith said Te Aroha is experiencing some growth. With a population of about 3,900 people, it is estimated it will grow to more than 4,400 people in 1,768 households by 2033. Vacant Business-zoned land  in the district stands at six hectares.

“Many companies in the town's business zone are more industrial than commercial in nature and are a legacy of the historic development of Te Aroha. More recently, new service industries have also established on the town centre periphery, under the operative district plan provisions that allow light industry in both the business and industrial zones,” Mr Smith said.

He said following the government's decision to invest $1 million in the area under the Provincial Growth Fund to capitalise on strong forecasted growth in Waikato, Te Aroha has the potential, apart from population and business growth, to become a health and well-being hot spot bringing new businesses to the district.

Other business opportunities will come from the extension of the Hauraki Rail Trail from Te Aroha to Matamata, which is expected to bring an increase in tourist numbers.