Two large adjoining industrial-zoned properties in the Hamilton precinct of Frankton have been placed on the market for sale.
The 6071sq m sites sit over two landholdings and house an engineering firm.
The properties, at 36-40 Colombo St and 32-36 Ellis St are being marketed for sale by auction at noon, on April 11, through Bayleys Hamilton. The property features in Bayleys' latest Total Property portfolio magazine.
Bayleys Hamilton salespeople Rebecca Bruce and Jordan Metcalfe say the engineering firm tenant was on a lease running through to 2020 at both industrial sites, paying a combined annual net rental of $295,765 plus GST.
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The tenant also leases another neighbouring site from a separate landlord. This property is not included in the two portions being marketed for sale.
"Under their individual titles, 36-40 Colombo St consists of 3036sq m of land sustaining 2206sq m of industrial factory premises built in 1984.
Meanwhile, 32-36 Ellis St consists of 3035sq m of land, sustaining 1147sq m of premises," Bruce says.
"Both buildings have separate office administration floor space, and staff amenities such as bathrooms and lunchrooms. The site is directly beside a curb-side electricity transformer box for efficient power supply into its machinery.
"The premises benefits from dual-entry points off both Colombo St and Ellis St giving 'drive-through' access to either side of the property for the sole tenant — enabling efficient logistics movements of product manufactured on site."
Straddling SH1, Frankton is the closest industrial suburb to Hamilton's central business district. Metcalfe says the Colombo and Ellis Street sites will be auctioned in a strategic manner. "First, they will be offered up as one combined package — encompassing the entire significant 6071sq m block. If the offering does not sell in that format, then the individual land titles will be placed up for auction," he says.
"That opens up dual investment opportunities for the sites, retaining the engineering firm as the tenant — either to be bought as one greater location, or purchasing one of the two smaller portions."