Choice of buy or lease at popular Te Rapa

An architecturally designed office at 50 Church Rd is fully leased. Photo / Supplied

Two Waikato commercial properties in Te Rapa are respectively being offered for sale by auction and for lease with a design-and-build option.

An architecturally-designed office building within the popular Te Rapa Business Park is being auctioned by Bayleys on September 10 and offers a foothold on to the commercial property investment ladder for a first-time investor or as a solid addition to an existing investment portfolio.

Marketed by Blair Hutcheson of Bayleys Waikato, 50 Church Rd, Te Rapa comprises a 340sq m office building on a 1000sq m freehold site zoned industrial general under the Hamilton City Council's Operative District Plan.

The building is fully leased to two commercial businesses with varying terms and there is an additional lease agreement for the exclusive use of an external area by Woosh Wireless. The total net rent for the property is $89,740 per annum plus GST.

B2B Solutions, an IT business, has exclusive use of 51.9sq m and Biz Tech, a telecommunications company, occupies 165.02sq m. The two businesses share the remaining common area of 123.2sq m.

The office building features a main entry/reception area, a mix of open-plan and separately partitioned offices, file room, boardroom/showroom, staff room and toilet amenities and a storeroom with double automatic sectional doors. Construction comprises a composite panel exterior, zincalume roofing and glazed aluminium joinery.

"The building was designed by architect Noel Jessop who has established a name for quality commercial units, and built in 2005 by Downey Construction who developed the business park and have recently relocated to their own building within the park," Hutcheson says. "Good commercial investment properties are difficult to get hold of in this area and this offering is particularly appealing because of its near-new low-maintenance construction and the car parking to floor area ratio."

A premium site in Karewa Place, Te Rapa, occupied for the last eight years by housing construction company Lockwood, is available either for lease, or as a design-and-build option for specialised offices, showroom and warehouse space.

Mike Swanson of Bayleys Waikato is handling the lease of 5 Karewa Place, a high profile site with access from Wairere Drive and SH1.

"Lockwood was the first business in this commercial subdivision and the growth in subsequent years has been phenomenal," says Swanson. "This particular area now has the highest traffic count in Te Rapa and the profile this site has is unrivalled given its standout location opposite The Base, the expanding large bulk retail format shopping centre."

The existing Lockwood building offers 91sq m of office space and associated amenities, along with a 72sq m storage shed all on a 2520sq m site.

"The owner will develop the site to meet a prospective tenant's individual requirements. The existing building can stay in the interim and the rental would be in the vicinity of $30,000 per annum. However, the owner wishes to develop a high-quality building to capitalise on the obvious benefits that such a site offers," Swanson says. "Having input into the design process will enable a forward-thinking business owner to have premises that best represent their operation. This type of opportunity is rarely seen in this established area."