After a two-year refurbishment in the early 2000s, the theatre was transformed into a five-bedroom and three-bathroom residential dwelling of 638sq m - complete with gardens. Adjacent to the main house is a one-bedroom "servant's quarters".
Graham says the property is one of the biggest in central Hamilton to come on to the market since the mid-1990s and is available for development in several configurations subject to Hamilton City Council consents. The commercial premises within the block have 50 metres of Victoria St frontage over two storeys with a further 100 metres of street frontage on to Marlborough Place.
"The residential lands and dwelling at the rear of the site could, subject to Hamilton City Council consents, be subdivided off from the front portion," Graham says. "There are two commercial tenancies within the block on Victoria St - Bar 101 and NV Hair Salon. Above the retail units are three residential apartments and the cottage in the grounds behind. Combined, the retail and residential tenancies are forecast to generate a holding income in excess of $150,000 per annum with a large area of vacant space providing the potential to increase rental returns."
Adjoining hospitality businesses Bluestone Room, Easy Tiger and The Victoria Function Room, along with some apartments, are housed within separately owned units inside the former Hamilton Hotel site and are not part of the sale.
Graham says the property is owned by commercial entities linked to a Hamilton family trust and the beneficiaries are selling down part of the portfolio to seek other business opportunities.
The Hamilton Hotel is steeped in Waikato's history. The first hotel was built in 1865 then rebuilt after being burned to the ground in 1898. A second fire at the hotel, in 1922, claimed three lives including that of famous Gallipoli soldier and artist Horace Moore-Jones who painted the Simpson and his Donkey image of the conflict.
Adams says a considerable amount of structural strengthening and engineering work has been undertaken on the Victoria St properties during the past two years - lifting the earthquake compliance rating to around 67 per cent. The engineering report is available for review by potential purchasers.
"The vendor had plans to increase the number of commercial or residential tenancies within the old hotel floor plan but has now realised this vision may not necessarily align with other developers. While new owners may wish to use the space for apartment living, others may see greater value in the creation of new commercial space instead, or potentially adding new levels," Adams says.
"As such, the interior character of the building has been left relatively open to present a 'blank canvas' opportunity."
The raft of development options available for the multi-zoned site mean it is virtually impossible to gauge its value. "The Victoria St facade could be kept intact and new commercial space added above the existing levels. Or it could accommodate more apartments. The bare land to the rear of the site could be developed into a mid-rise mixed-use commercial and residential block or the existing dwelling could be retained 'as is' for an outstanding CBD residence," he says.
"There is a proposed subdivision plan that would allow for the river-side portion of the landholding to be separated from the front portion. That subdivision would include the dwelling and smaller unit on a land area of 3710sq m with access from Marlborough Place. We anticipate the tender values to vary considerably according to final land configuration - as we have already received interest from several parties with differing end-use plans."
