The land and building housing a raft of complementary business advisory firms in the heart of a provincial town undergoing significant economic and population growth has been placed on the market for sale.

The 415-square metre property is situated in the main street of Morrinsville in the Waikato, and sits on some 607 square metres of freehold land zoned commercial under the Matamata Piako District Council plan.

The prominent contemporary single-level commercial premises is occupied by business advisory and chartered accountancy consultancy Cleland Hancox, insurance broking firm Frank Risk Management, food and wine safety auditing firm Quality Auditing Specialists, and lawyer Chris Greenfell.

Reflecting the professional business nature of the tenancies inside, the premises is fitted out to a high standard – with modern floor to ceiling windows and clear company signage facing out onto bustling Thames Street, along with high-stud glasshouse-like atrium entrance foyer in a metropolitan stye.

As with the main arterial route for many New Zealand rural towns, Thames Street in Morrinsville is home to scores of clothing and homeware retail shops, fast food outlets and lunch bars, restaurants, health and beauty services boutiques, along with medical and healthcare providers.

Within the strip, the immaculately presented commercial office property at 190 Thames Street in Morrinsville is being marketed for sale at auction on April 10 through Bayleys Hamilton. Salesperson Josh Smith said the multiple professional business advisory tenancies inside the rectangular-shaped Thames Street office block delivered a ‘one-stop’ location for clients seeking operational advice from its split tenancy arrangement which generates a total revenue of $75,000 plus GST and expenses.

Providing customers throughout the Waikato with accounting, tax, and farming financial advice since 1988, head tenant Cleland Hancox is currently on a lease running through to 2029.

Meanwhile technology-driven insurance broking house Frank Risk Management sublets space from Cleland Hancox. Local lawyer Chris Greenfell, who is increasing his occupying space within the building, also leases space within the building, while food and wine safety auditing firm Quality Auditing Specialists is the third leaseholder within the premises.

“The fully air-conditioned interior lay-out of the offices features a mix of open-plan office spaces sitting adjacent to multiple offices and meeting rooms separated by full-height glass partitions. Neutral décor tones blend seamlessly beside various zones containing a mix of carpets and hard-wearing flooring surfaces,” said Smith.

“Modern bathrooms and spacious light-filled lunchroom amenities are situated at the rear of the building – which leads onto a staff parking yard accessed from a private laneway off Lorne Street, and running behind parallel with Thames Street. Meanwhile, there is substantial parking for business’s clients immediately outside the office on Thames Street. There is also a second, smaller kitchenette situated in the building.”

A provincial research report by economics and social demographics consultancy Urban Economics Ltd identifies that Morrinsville is undergoing significant growth in prosperity - underpinned by substantial population growth forecast to continue over the coming eight years at least.

“Morrinsville has an extensive employment hub of approximately 115 hectares. There is currently 14 hectares under development and a further 14 hectares recently approved for development – resulting in 28 hectares of new land set to enter the market,” said the UE report.

“This expansion significantly benefits Morrinsville by attracting new businesses, and creating more job opportunities, along with strengthening the local economy and enhancing community growth.

“The new industrial land for example provides a significant expansion to Morrinsville’s existing employment hub – supporting an estimated 800 to 1,200 new jobs within the town.:

UE’s socio-economic report for Morrinsville also forecasts that the town is experiencing a 40 percent increase in employment positions – rising from some 5,000 jobs in 2023 to around 7,000 jobs in 2033.

“Concurrently, in 2023, Morrinsville had an estimated 3,000 households. This is projected to increase to 4,700 households by 2033 – supported by significant public and private sector investment in infrastructure, new industrial land, and the Lockerbie Estate (residential housing) development,” said the UE report.

Josh Smith said the ‘greenfield’ industrial land expansion and concurrent population growth being experienced for Morrinsville bode well for many commercial businesses – such as Cleland Hancox, Frank Risk Management, lawyer Chris Greenfell, and Quality Auditing Specialists – operating in the town centre and servicing the growing business sector.