A commercial property investor or developer with a long-term vision for reinvigorating a somewhat run-down collection of buildings is being sought for dormant mixed-use land and premises in the Coromandel township of Thames.
In its current state, the flat L-shaped site at 214-220 Pollen Street in central Thames contains a mix of structures – including three single-level homes, a two-story retail premises which previously housed a saddlery and equestrian equipment business dating back to the 1860s, and then as a dairy, and a generous sealed yard which has been used for customer parking and a second-hand car lot.
Sitting on four land titles ranging in size from 405-square metres up to 812-square metres. the land and buildings are being marketed for sale at auction on September 28 through Bayleys Thames.
In total, the four adjoining land titles total 2,593-square metres.
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Salesperson Josh Smith described the commercial portion of the buildings within the site as being “tired and being in need of some love and attention, complete refurbishment and remodeling, or even demolition and removal.”
“This really is an opportunity for someone with a vision on any front, be it commercial, residential, or a mix of the two, as there are so many ways the site and its building infrastructure could be occupied or developed,” Smith said.
“The existing residential components of the site automatically deliver a rent-generating component of $520 per week to the location. However, the commercial space and adjoining yard are a virtual blank canvas.
“In their current configuration, albeit with some degree of maintenance, they would suit a small trades-based business – delivering prominent street-frontage, office, and storage space, a generous yard space for fleet vehicle parking and additional storage, and with the bonus of sustaining a potential residential component in the upper floor of the office space.
“Taking that one step further, there is the potential for more than one sole trader-type entity to share those infrastructure faculties.
"This dynamic could appeal to an owner/occupier looking for new workplace premises in Thames assured by deriving income from a split-risk tenancy schedule.
“Alternatively and subject to council consent, the location could be converted into commercial accommodation - either short-stay or fixed term tenancies under the auspices of a lodge, or even as an Air B n B destination.”
Smith said the property’s convenient location just a few hundred metres from Thames’ central business district would be an added benefit for any development of the site as a tourism-focussed entity.
“With refurbishment, the property could also be converted to accommodate a professional services consultancy such as a legal firm or accountancy practice or even a health care tenant such as a medical practice – any of which would benefit from staff and client car parking for some 10 vehicles in the sealed yard,” he said.
The Pollen Street property is zoned commercial under the Thames Coromandel Council District Plan. Smith said the physical location of the homes within the property – sitting on the left and right sides, with the commercial structure sandwiched in between –meant that with appropriate consent, the dwellings could be subdivided into separate entities.
“Capitalising on the trio of homes as cornerstones, and with the potential to add further accommodation within the upper floor of the commercial portion, the site could be appealing to social housing providers looking for stock in Thame to accommodate either families or individuals in a lodge style format,” Smith said.
“Again, the location’s close proximity to the Thames town centre would be beneficial for any residents living in a social housing hub environment.”
- Article supplied by Bayleys
