A premium-grade commercial building housing the local branch of a nationally-branded healthcare services provider alongside a popular eatery in the centre of a thriving Waikato town has been placed on the market for sale.
The immaculately presented corner 400-square metre site sits on the corner of Tainui Street and Broadway – which is Matamata’s main retail and commercial strip – and was constructed by eminent Waikato commercial building firm Fosters Construction in 2020.
Developing real estate assets in the Waikato region for 50 years, Fosters this year won multiple gold and silver awards for construction projects such as: the Convex head office in Hamilton, two buildings at the Union Square office hub in Hamilton, the National Institute of Warer and Atmospheric Research (NIWA) headquarters in Hamilton, and The Village urban retail hub in Omokoroa just north of Tauranga.
Maximising their presence in the Matamata building are two diverse tenancies – Triton Hearing and Sofra Mediterranean Bar and Grill.
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Triton Hearing Matamata is part of a national chain of audiology healthcare retail outlets – with branches in Auckland, Christchurch, Dunedin, Hamilton, Tauranga, and Wellington.
Meanwhile, since opening in 2021, Sofra Mediterranean Bar and Grill has established a strong customer base for the service of its European and Middle Eastern dishes in stylish open-plan surroundings.
The square-shaped freehold land and tenanted building at 99 Broadway in Matamata are now being offered for sale at auction on August 20 through Bayleys Waikato.
Salesperson Josh Smith said the 352-square metre Triton/Sofra premises stood out on Matamata’s main road strip because of its outstanding design stature, and quality of construction.
Broadway is Matamata’s main retail strip – hosting scores of food and beverage outlets, healthcare providers, professional services companies, and household goods and services shops.
“As the spine of Matamata’s central business district, Broadway offers ample availability of parking, little traffic congestion, and the convenience for local residents to park and do all of their shopping or personal administration requirements from one pivotal point within a few hundred metres of everything they need,” said Smith.
“It’s elements like these which both Triton and Sofra benefit from, and which enable small provincial towns such as Matamata to retain their rural character and appeal. Its location is also one of the main reasons why the premises was redeveloped only four years ago to enhance its profile and presence in the centre of the community and become a landmark.
”As other buildings within Broadway are redeveloped, modernised, or completely rebuilt from the ground up over the coming decade, it is safe to say that 99 Broadway will be the bow wave which other architectural designs and formats follow.”
The two tenancies within the 99 Broadway premises generate a combined annual income of $120,845 plus GST and operating expenses, and comprise:
-Audiology services health provider Triton Hearing on a current lease six-year lease with two further three-year rights of renewal and,
-Popular European and Middle Eastern themed licensed dining and drinking destination Sofra Mediterranean Bar and Grill on a current six-year lease with two further six-year rights of renewal.
Triton’s corner space within the Broadway building includes a comfortable open-plan reception area viewable from the footpath outside through floor-to-ceiling windows, along with multiple private client assessment suites, and staff lunchroom and bathroom amenities.
Fellow tenant Sofra’s exposure onto Broadway invites patrons into a stylish high-stud New York-style dining room with wood and tile wall panelling, sustained by a commercial kitchen adjacent to customer bathrooms.
As a rural services township with a population of some 7,806 residents according the 2018 census, Matamata comes under the authority of the Matamata Piako District Council. It is the second largest town within the territorial authority, and is famed for its proximity to one of New Zealand’s biggest tourist and visitor attractions, Hobbiton, on the outskirts of town. Matamata businesses also derive much of their income from the dairying, equine, and cropping sectors of primary industry.
“From an investment portfolio checklist perspective, 99 Broadway in Matamata ticks all the boxes – being a modern high-quality premises situated in an absolutely prime location within a prosperous community, occupied by two well-established tenants which operate symbiotically of each other,” Smith said.
- Supplied by Bayleys
