The upcoming sale of two adjoining sites for the first time in nearly 60 years presents once-in-a-lifetime possibilities for occupiers and investors in a key Hamilton commercial hub.
The freehold properties at 65 and 67 Lake Road offer a combined land area of some 1,457 square metres at a high-profile corner location in Frankton.
They comprise a vacant former car yard and a Challenge service station subject to final lease expiry in May next year.
Now for sale either together or separately through Bayleys Real Estate, the sites offer rare openings for buyers in a tightly held stronghold of industry with notoriously scarce vacancy.
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Bayleys salesperson Jordan Metcalfe said the strategically located sites presented a plethora of opportunities for buyers with an eye for potential.
“Investors in the service station site could look to put a new lease in place with the existing tenant or another fuel operator, or repurpose or redevelop the site for new uses. The largely undeveloped former car yard land offers particular scope to add new buildings.
“The location makes these properties well suited for a range of light industrial or trade supplies-type uses. The permutations of possibilities multiply when considering the larger landholding available to a buyer of both properties,” Metcalfe said.
The Lake Road sites are a few minutes’ drive from central Hamilton and handy to State Highway 1C, facilitating easy connections with Auckland, Tauranga and Cambridge.
Their flexible use options are underpinned by zoning as part of the Business 7 Zone – Frankton Commercial Fringe, under Hamilton’s district plan. This permits activities ranging from light industry to research and innovation, wholesale, retail and trade supply, healthcare, gymnasiums, education and training facilities.
Neighbouring businesses are engaged in activities spanning the likes of manufacturing, wholesaling, healthcare, automotive services, trade and building supplies, as well as the head office of Good George Brewing.
The freehold properties at 65 and 67 Lake Road, Frankton, Hamilton, are being offered for sale through Metcalfe and colleague Rebecca Bruce of Bayleys Hamilton.
The sites will be sold together or separately by way of a tender closing on Friday 6 December, unless they are sold prior.
Bruce said the properties enjoyed excellent exposure at the corner of Lake Road and King Street with over 100,000 vehicles passing each week.
“Underpinned by some 529 square metres of land, 65 Lake Road is made up of mostly sealed yard which is fenced and fully secure. There’s also a small office and garage/storage space of some 46 square metres reflecting its previous use as a car sales yard.
“The approximately 928-square-metre site next door is home to improvements spanning some 314 square metres housing a Challenge service station whose boundary adjoins council service lane.
"With final lease expiry approaching in May 2025, there are various opportunities an incoming owner can explore while benefiting from a net holding income of $46,000 plus outgoings and GST per annum for the remainder of the term.
“Given Frankton’s notoriously scarce vacancy, these are truly once-in-a-lifetime opportunities for owner-occupiers to set up shop in this pivotal commercial location, or for investors to add value and capitalise on perennial demand by installing new tenants,” said Bruce.
- Supplied by Bayleys
