A prominent office and warehouse building with a long-standing occupier in Hamilton’s sought-after industrial precinct of Te Rapa has been placed on the market for sale.
145-149 Maui Street, Hamilton offers 1,920sq m of total net lettable area on a 5,201sq m landholding that is spread across three separate freehold titles.
The property is home to Kea Trailers who are one of the leading light trailer manufacturers in New Zealand with more than 40 years’ experience in the industry.
Kea Trailers are the vendor and have agreed to a sale and leaseback that includes an eight-year lease that will begin on settlement, while there’s two further rights of renewal in place for four years each.
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The lease agreement returns $300,000 plus GST and outgoings in total net passing income per annum.
Maui Street is strategically located in the north of Te Rapa’s industrial area. The property enjoys extensive frontage to Te Rapa Road and is easily accessible from the surrounding roading network, providing convenience for customers, staff, and suppliers.
The Base Shopping Centre, which has nearly 200 stores, is approximately 3km from the property, meaning there’s a host of amenities that can be reached within minutes.
Colliers Hamilton Directors Mark Brunton and Alan Pracy have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Thursday 2 March, unless sold prior.
The Kea Trailers brand was established in the early 1980s, operating from a facility in Rukuhia, a small rural community in Waikato.
The current owners purchased the business in 1998 and expanded the production considerably to the point that new premises in Maui Street were developed in 2003. Kea now retails its brand nationwide from its Hamilton headquarters and they also have a branch in Christchurch.
The Maui Street property is a modern industrial building that has a 1,450sq warehouse that includes an office and staff area, while there’s also two floors of office space.
The mezzanine office covers 137sq m and was added approximately three years ago, while the ground floor office provides 140sq m of space and has partially been refurbished since the property was originally constructed. There is also 193sq m of canopy.
Brunton says the property is a premium industrial offering that serves as a highly functional workspace for a well-known Hamilton brand.
“The building has been constructed with concrete floors, and a steel portal frame with the exterior being galvanised steel above a tilt slab base,” Brunton says.
“The recent addition of the mezzanine office has proven beneficial for the current occupants and the spacious warehouse is serviceable for their operations.”
Pracy says the property provides a strong tenant covenant that will be highly appealing for buyers.
“The current occupants are committed to the premises with a lengthy lease agreement with further renewals available,” Pracy says.
“The lease also includes 2 per cent annual increases with market reviews every four years, ensuring there is built-in rental growth for the future owner.
“This property has all the key fundamentals of a prime passive investment opportunity with an established occupant in a modern and functional premises. We encourage all interested parties to contact us immediately.”
- Article supplied by Colliers
