The Thames land and buildings housing a long-standing provincial electrical firm, as well as the local branch of a national mental healthcare provider, have been placed on the market for sale.
The property on the main western seaboard highway entrance to the township of Thames at the base of the Coromandel Peninsula comprises a multi-tenanted flat site with a sizeable portion of undeveloped land at the rear.
Situated opposite Thames airport with a substantial unobstructed extensive street frontage onto Ngati Maru Highway, the property comprises some 7,680-square metres of land zoned industrial under the Thames Coromandel District Council plan, accommodating two stand-alone commercial tenancies, and one stand-alone residential tenancy in a split-risk format.
The main tenancy is a uniformly shaped two-storey block and brick structure which was previously a house, and is now leased as offices to Shaun Richards Electricians - an electrical services and provisioning company servicing commercial, rural, and residential properties across the Coromandel Peninsula and Hauraki Plains.
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Benefitting from the convenient location accessing population bases to the south, west, and east, the company has been located at the Ngati Maru base for several decades occupying the front office block and workshop which was converted from its original residential use.
Meanwhile, nationwide community-based mental health and wellbeing services provider Pathways Health occupies the northern building on the Ngati Maru property in a single-storey rectangular-shaped 1970s/80s style commercial office structure. The building previously operated as a catering business, before undergoing a complete refurbishment to be configured into as professional office space,
Dovetailing alongside the two commercial premises is a spacious single level two-bedroom residential dwelling with its own separate yard space and carparking situated in the middle of the property.
Clientele for both of the well-patronised business tenants come from, or is located, across the Hauraki Plains – as far away as Ngatea and Kerepehi to the south-west, Tapu to the north, and Pauanui to the east.
All three tenancies utilise a shared central driveway leading to their individually allocated and separate parking spaces. The properties have a degree of privacy from each other thanks to mature tree plantings and hedges which provide an element of greenery to the otherwise commercial and industrial location.
Combined, the multiple tenancies within the property generate annual income of approximately $90,000 plus GST and operating expenses per year, comprising:
-Shaun Richard Electrical on a current two-year lease with four further two-year rights of renewal, paying rental of $38,000
-Pathways Health on a lease running through to July with a further three-year right of renewal, paying rental of $34,000
-The spacious residential unit on a residential tenancy, paying rental of $340 a week.
The land and buildings located at 364 Ngati Maru Highway are now being marketed for sale at auction on May 18 through Bayleys Thames.
Salesperson Josh Smith said the address straddled the residential outskirts of Thames, and the area’s current big box and light industrial precinct at Kopu.
“This location really is a blank canvas opportunity - which may be viewed under multiple future use scenarios and configurations,” said Smith.
“There is the potential to retain the existing trio of buildings as is – which would have the benefit of deriving holding income while planning permission is sought for the development of the rear of the site.
“The real potential for this property lies in the development upside - with some 3,100-square metres of the site currently sitting unutilised apart from container storage and casual vehicle parking.
“Development of the rear site could be undertaken with minimal disruption to the current tenants. The commercial tenants may also be open to negotiations to allow part of their parking allocation behind their premises to be apportioned to any new entity on the rear of the site.
“Any future development of the site would take advantage of the property’s strategic location on the urban outskirts of Thames township, and its high-profile positioning alongside one of the busiest roads in the Coromandel Peninsula.”
Smith said that further development of commercial and industrial premises on the southern side of Ngati Maru Highway was anticipated over the coming years as grassed greenfield sites come up for sale.
- Article supplied by Bayleys
