The Anglesea Tower in Hamilton’s central business district is on the market for sale, offering an opportunity to redevelop the seven-level building and position it for the future.
A familiar part of the Hamilton skyline since 1987, the building sits atop the former Farmers Centre podium at 218 Anglesea Street.
Its sale presents an exceptional value-add opportunity in the heart of Hamilton's CBD, said Warren Hutt of CBRE, who is handling the sale alongside Mike Neale of NAI Harcourts.
“With the sole remaining lease in the building expiring in late 2024, this versatile asset can be considered a blank canvas for potential redevelopment into modern office space, apartments, student accommodation, a hotel or a combination of uses.”
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The 5,742sqm building, which is for sale by deadline private treaty closing at 4pm on Thursday 21 September, contains six office floors of around 960sqm each, along with the potential for future development of a roof terrace. 43 secure car parks are on level four.
The existing lease, to the Ministry of Social Development, generates net passing income of $385,855 a year.
This provides desirable holding income while the new owner plans a redevelopment, which could add significant value to the property given its excellent location, said Neale.
“The building’s close proximity to Wintec Te Pūkenga’s city campus opens up a potential opportunity for student accommodation.
"Alternatively, the tower's prime location adjoining the world-class Union Square office and retail development makes it a perfect candidate for conversion into a hotel or apartments.”
Union Square is an impressive 23,000sqm development spread over five buildings combining retail, office, and lifestyle amenities.
Tenants include Rabobank, AA Insurance, Craigs IP and Baker Tilly Staples Rodway, along with a recently opened car park building providing 320 spaces plus end of trip facilities.
“Union Square’s premium-grade office space and focus on employee wellness and enjoyment has proved highly successful for the businesses which have relocated there, in terms of attracting and retaining staff. The popularity of this precinct will be considered a big plus for anyone planning a redevelopment of the Anglesea Tower next door.”
The current ownership of more than 20 years has made the call to divest the building, which given its secure car parking and spectacular views, offers an ideal package for future occupiers, Hutt said.
“The office floors provide amazing panoramic views over the city of Hamilton and also capture excellent sunlight, while the vista is equally mesmerising at night with glittering lights extending into the distance.”
Lift and stair access to the tower is provided via a main entrance foyer on Anglesea Street, with an alternative entry point from the level four car park.
"It is part of a unit titled complex which also includes the KPMG building, along with the large podium featuring retail space and car parking.
The property’s strategic location is further cemented by the core CBD hospitality precinct just 200m away, along with the Hamilton Transport Centre bus station a few blocks up Anglesea Street, said Neale.
“The Anglesea Tower’s strategic location and multiple possibilities for refurbishment or conversion make it a highly compelling prospect for property investors and developers.
"Its seamless accessibility to key amenities and the thriving Union Square development make it ideally placed to capitalise on the continuing growth and evolution of the Hamilton CBD.”
The building, located near the corner of Anglesea and Collingwood Streets, is also within easy reach of the Centre Place shopping mall, the new $75 million Waikato Regional Theatre development, Te Awa cycleway and river walks and the Sky City casino complex.
Its location on a CBD arterial route also ensures vehicle accessibility to the north and south of the city, while Hamilton Airport is just 15 minutes away, providing a significant opportunity for a new owner.
- Article supplied by CBRE
