A prominent building on a highly visible corner site in Hamilton that enjoys significant road exposure and is located within a large residential catchment offers buyers the opportunity to acquire an asset with long-term growth potential.
Sitting on the corner of Grandview Road and Hyde Avenue in Nawton, the property has 2,741sq m of total floor area and is available with vacant possession.
The property is currently home to a Countdown supermarket, but they are exiting the building when their lease ends in August.
The building sits within the busy Nawton Shopping Centre and has a common share of approximately 185 car parks, which provides convenience for customers. The total land area for the entire shopping area measures 1.2719ha and the property has frontages to Grandview Road, Hyde Avenue, and Durham Street.
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The subject building requires seismic work to bring it up to speed, which presents owner-occupiers or developers with a considerable opportunity to repurpose the highly accessible property to capitalise on the surrounding residential population. The site also provides access to State Highway 1 via Grandview Road.
The internal fit-out of the building belongs to the current tenants and can be removed on settlement.
Colliers Hamilton Directors Alan Pracy and Mark Brunton have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Thursday 10 August, unless sold prior.
Pracy, Director at Colliers Hamilton, says the property is full of potential and offers an array of opportunities for the right buyer with a future-focused outlook.
“Following the required upgrades, this building could be repurposed for a range of different uses and the new owner will acquire one of the few Commercial zoned buildings in the area, which are in notably short supply,” Pracy says.
“Any future development could enhance the usage of the site and fully optimise the existing building.
“With neighbouring retail outlets in the shopping centre and a large residential catchment there is a built-in customer base.”
The general locality is situated towards the western periphery of Hamilton city and the surrounding suburbs include Western Heights, Rotokauri, and Burbush as well as parts of Dinsdale.
Amenities in the area include Fraser High School, Western Community Centre, Nawton School, and Elliot Park.
Brunton, Director at Colliers Hamilton, says the overall growth of the city means there is further demand for future developments to meet the needs of the population.
“Data from Infometrics notes Hamilton’s population grew by 1.7 per cent between 2017 and 2022, compared to the overall national population growth of 1.3 per cent,” Brunton says.
“The city’s GDP grew by 6.5 per cent during 2022, underpinned by employment and productivity metrics that also outpaced the national figures.
“This growth bodes well for discerning investors who are looking for strategic purchasing opportunities with future potential.”
- Article supplied by Colliers
