Substantial Investment Property with Growth
97, Alexandra Street, Te Awamutu, Waipa
- Proposed Usage
- Development Site
- Floor Area
- 1930.00 m²
- Property ID
Asking price plus GST (if any).
Auction, 11am on 8th December 2016 at Bayleys, 96 Ulster Street, Hamilton (unless sold prior).
This iconic cornerstone Te Awamutu property is situated on a corner in the main street of Te Awamutu. Having recently undergone a $1.3 million dollar renovation and fit-out to a high standard, there is the main restaurant capable of seating 120 with a bar, and the main bar with 18 gaming machines in the VIP gaming lounge with gaming income. This property is a sound commercial investment with two tenancies returning $180,000 and substantial rental growth programmed into the leases.
The tenants are well-known and experienced hospitality operators with a new five year lease with rights of renewal till 2036. Built-in rental increase means that by 2020 the projected rental will be $202,248 with renewals.
The solidly constructed substantial art deco building has an 81% earthquake rating. The ground floor tenancy includes the well-known Peach and Porker bar, which opens out onto the main street and is the Te Awamutu district's main pub, The Long Acre Grill and Bar, substantial commercial kitchen, chillers and cellars.
Upstairs the 38 room hotel is leased for minimum rental and offers the further opportunity to upgrade and capitalise on the shortage of accommodation in Waipa area, further increasing rental income. Te Awamutu has a population of 12,000, serving a rural population of 40,000.
The town is attractive and family friendly. The district offers interesting cultural, sporting and recreational facilities.
Te Awamutu is a 25 minute drive to all the attractions of Hamilton.
The area is serviced by Hamilton Airport
- Returning $180,000pa + GST
- Programmed 2 yearly, 6 % rental increase
- 5 year lease
- Excellent earthquake rating