Property investors add up the figures for accountancy firm office sale
The land and modern building housing one of the Waikato’s biggest private accountancy firms have been placed on the market for sale.
The two-storey property at 46 Church Road on Hamilton’s northern fringe is home to UBT Accountants – a multi-disciplinary financial services firm which specialises in accounting and book-keeping, financial analysis and interpretation, auditing and management system reviews, as well as business and taxation consulting and planning.
The firm’s 466 square metres of modern office space is spread over two floors – encompassing a reception area, storage rooms, staff lunchroom and separate toilets, and balconies. Adjacent to the side of the main building is some 29 metres of garage space accessed through a high-stud automated roller door.
The building sits on 1,429 square metres of rectangular shaped land, and comes with 13 car parks in landscaped surrounds at the front of the premises. The property generates an annual net rental of $103,600, with the tenant paying 100 percent of the operational outgoings.
The freehold property at 46Church Road is being marketed for sale by Bayleys Hamilton through a deadline process, with offers being taken until October 18. Bayleys Hamilton salesperson Blair Hutcheson said UBT Accountants was on a six year lease running through until 2020 with two further six-year rights of renewal.
The property is zoned for commercial fringe use and was built on concrete foundations with predominantly concrete tilt slab exterior walls and plasterboard internal linings. Entrance to the ground floor of offices is through a single swing door protected from the elements by a veranda.
A centrally-located stairwell lead from the entrance foyer to the modern first floor offices which are partitioned into four large spaces – two of which have outdoor balconies – and with some also overlooking the downstairs reception area through floor to ceiling windows.
The Church Road building was constructed by Hamilton-based Downey Construction – whose other recongisable commercial property development projects include Fonterra’s 50,000 square metre milk powder warehouse in the South Waikato settlement of Lichfield, the Good Neighbour bar and restaurant in the nearby suburb of Rototuna, and the Animates pet supply outlet nearby in Te Rapa Road.
The building was designed by Waikato firm Noel Jessop Architecture – the company behind such design-led projects as the Winger Hamilton car showroom and administrative offices in Te Rapa, and Ember Bar and Grill nearby.
Mr Hutcheson said the Church Road building sustained a high level of tenant employee satisfaction – with a paved and fenced courtyard area at the back of the staffroom on the ground floor planted with landscaped trees and containing bench seating overlooking a gently sloping gulley.
The Pukete commercial precinct where the Church Road property is located straddles the Te Rapa bulk retail and light industrial zone to the west and the residential suburb of Rototuna to the east.
Hamilton Council’s business one commercial fringe zoning for the area permits activities such as retailing, offices, manufacturing, warehousing, and large format display premises such as car and farm machinery yards.
“This ‘like-minded approach’ to tenancies within the Pukete commercial precinct has ensured tenancies are both complimentary and act as co-magnets to a predominantly Hamilton-based customer grouping,” Mr Hutcheson said.
“As a consequence, occupancy levels in the area have remained at high levels over the past three years, underpinned by the controlled amount of new build office space coming onto the market and Hamilton North’s growing popularity as a commercial and light industrial part of town.”
“Conversely, tenants have moved from older, lower grade premises. It is quite common now for rental levels in the Pukete precinct to achieve at lease $200 per square metre.”