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Prominent position in burgeoning retail precinct


 

Media release


 
1 April 2008

Prominent position in burgeoning retail precinct

If you’ve driven State Highway One north of Hamilton, you’d have been hard-pressed to miss the burgeoning retail precinct of Te Rapa.  Included amongst the development are four prominent retail properties now available to the market through DTZ.

DTZ’s Agency manager in Hamilton, Alan Pracy, knows the Maui Street properties well.  Having originally sold the bare land to the developer in 2002, he then went on to lease the buildings and sell the development to the current owners.

“The development worked well from the start with the prominent SH1 location and proximity to prominent bulk retail in the area”, says Pracy.

Hamilton’s Te Rapa suburb has expanded significantly in recent years with the opening of the 44,000sqm retail hub, The Base.  As one of the country’s largest export regions and with planned expansion particularly around Hamilton International Airport, Waikato is a solid market for investors.

The four buildings have a total floor area of 4,840sqm and are available to purchasers together or separately.  The tenants include household names Redpaths, Bedpost, Betta Electrical and Furniture Court.  Combined lease returns equate to over $783,000.

Pracy says Hamilton sales have been steady despite the economic slowdown and cites a property in Hamilton’s Mill Street that he recently sold for $2.3m with a yield of 6.95%.

“Hamilton continues to be robust as a location to invest as its economy even in more difficult times is driven by the very strong agriculture industry in the area”, says Pracy.

The Maui Street buildings are for sale by private treaty closing 1 May 2008.

-ENDS-

 

 

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