 Asset Class: | Office |
 Price: | $ 1538461 |
 Net Yield: | 6.50 % |
Net Yield - including solar strategy: | % |
 Property Market Status: | On Market |
80 Market Street has had a significant amount of money invested recently in refurbishment. The long term tenant Finnz Chartered Accountants has established itself in Te Awamutu as a leader in its field and has a large customer base. <br><br>Offering a strong initial lease term of 10 years, with growth factored in, this is a prime opportunity for a savvy investor seeking to own an iconic part of the town.<br><br>Similar office vacancy in Te Awamutu (TA) is virtually nil. In fact the owner of this building was approached not that long ago about the space (whole building as there are no other similar options, especially this close to the main part of town).<br><br>There is an old Lawyers office close by, vacant, that is on the market for sale currently (not with us). Needs quite a bit of work, and I’m told they are seeking around the same money as this one.<br><br>80 Market St previously housed The Tool Shed, so had a more retail use. It did sit empty for some time, but then these guys purchased in 2019 and completely gutted and repurposed to modern office, and moved the business there. Have done a really nice job. <br><br>TA is obviously what we call a satellite town in Waikato but only 30 mins to Hamilton CBD, with a strong connection to rural (but definitely not limited to). So a lot of ‘old’ money in the district. Below is some infometrics info<br><br><a style="color:rgb(51, 51, 51);display:inline;" target="_blank" href="https://rep.infometrics.co.nz/te-awamutu-urban-2023/population/growth"><u>https://rep.infometrics.co.nz/te-awamutu-urban-2023/population/growth</u></a><br><br>An awesome buy with a 10 year lease, TA will boom in the next 10 years off the back of Hamilton.
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<span style="color:rgb(51, 51, 51);">Te Awamutu is only a 30min drive from Hamilton and like other parts of Waikato have experienced huge growth in the past 5 years with ~40% increases in property values. A further 3,000 new homes are to be constructed in the next 30 years adding to the demand for prime office space.</span><br><br>Market Street, in the heart of Te Awamutu's bustling Town Centre is a high pedestrian area with nearby neighbours including Paper Plus, Toyworld, The Warehouse and Countdown to name a few.
Additional Location Information File<b><i>Finnz Chartered Accountants</i></b><br>If you've lived in Te Awamutu, you've probably heard our name before. We've been part of the community for almost 100 years and we're proud of it.<br><br><b><i>Our History:</i></b><br>Finn & Partners originally started back in the 1920s in Te Awamutu, quickly earning a reputation for great service. Now trading as Finnz Chartered Accountants, partners Allan Spice, Greg Brewerton, Peter Rogers, Richard Chalecki and Jon Hurst have built on a strong history to create the town's leading accounting firm. Today you'll find a busy office with around 20 people at our premises in Market Street.
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Proposed Tenancy Schedule:<br><br>Tenant: Finnz Chartered Accountants<br>Term: Ten (10) years from settlement<br>Annual Rental: <b>$100,000 plus GST & Outgoings ($181 / sqm)</b><br>Rent Reviews: CPI - annually on anniversary of lease, Market Review - Five (5) yearly<br>Rights of Renewal: Two (2) further terms of five (5) years each<br>Renewal Date: 10 years from settlement<br>Outgoings: $4,581 (Waipa DC Rates) + $410 (Environment Waikato Rates) + $3,427 (Insurance) = <b>$8,417 Total</b><br>
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From the agent - Good office space in Te Awamutu is a minimum $220 / sqm, when setting the rental rate with the vendor we were very conscious of offering a rental under market so investors could see upside. As a summary the net rental equates to $181 / sqm across the site. The mezzanine is quoted at $100 / sqm, which makes the actual office area at $195 / sqm. Feb 2025 - 104 Sealey St, Thames. Tenant is an accountancy firm, rental offered at $56,000pa (equates to square metre rate of $237). 3 year lease.
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<ul style="list-style-type:disc;list-style-position:inside;padding-inline-start:20px;"><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Lease-back investment offering new 10 year lease from settlement to well-known accountancy firm</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Returning $100,000 Net + GST & OPEX</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Building extensively refurbished. Mix of office areas</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Good seismic rating (70%)</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Floor area of 551sqm (approx.) on 931sqm (more or less) of land</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Includes 13 onsite carparks at the rear of the building. Freehold site</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Amenities include renovated bathroom + new deck area</span></p></li></ul>
