Hamilton block has eclectic tenant mix

The two-storey commercial block at 851 Victoria St, Hamilton, has five tenants. Photo / Supplied

A property housing an eclectic community of tenants, including a popular Indian curry restaurant, is for sale in Hamilton's main street.

The two-storey commercial block, at 851 Victoria St, has five tenants — two financial services, two technology firms and a popular Indian restaurant.

Built in 1988, it has about 31m of frontage on Victoria St, with a wide entrance lobby-style stairwell leading off the pavement to the upper levels.

The freehold property is being marketed for sale at auction on December 6, by Bayleys Hamilton, and features in Bayleys' latest Total Property portfolio magazine.

Hamilton Salespeople Jordan Metcalfe and Rebecca Bruce say the 1083sq m building sits on 958sq m of land. It has car parking at the rear of the premises, with a lift providing access from the car parking to the upper floor of the building.

Overall construction is of concrete block and steel beam, with a distinctive angled glass veranda. The seismic rating equals 70 per cent of the New Building Standard.

The five tenancies, which generate combined annual income of $256,215 plus GST are:

1. Property accountancy firm Coombe Smith, on a six-year lease expiring in 2021 with two further six-year rights of renewal.
2. Money-lender Instant Finance, on a lease expiring in 2019 with two further three-year rights of renewal (one already requested).
3. Gulmohar Indian Restaurant, on a lease expiring in 2022 with four further three-year rights of renewal.
4. Artificial intelligence technology firm Face Me, on a lease expiring in 2019 with two further three-year rights of renewal.
5. Website development company Digital Stream, on a sub-lease expiring in 2019 with two further three-year rights of renewal.

Gulmohar restaurant and Instant Finance benefit from substantial ground-level, foot-traffic exposure; while commercial office spaces above operate in modern open-plan work environmentshaving excellent natural lighting.

"All these tenancies interact with the public, so having abundant metered parking just outside the front door is a huge advantage," Metcalfe says.

"From a marketing and branding perspective, there is much potential to add value. Naming-rights signage would work well on the southern and northern perimeters and top floor, immediately above the main entrance stairwell."

"All portions of the upper-level office space were refurbished to a high standard in 2016 and now provide an open-plan working environment for the tenants, with access to the car park via a rear stairwell," Bruce says, "The tenancies are also served by commercial-grade air conditioning units."