The standout multi-tenanted site anchored by a Resene ColorShop has gone up for sale in a top Hamilton industrial and commercial hub.

The distinctive complex in Te Rapa has prominent street frontage and exposure to an estimated 30,000 passing vehicles per day on arterial Te Rapa Road.

Its more than 1,500-square-metre lettable floor area is home to multiple tenants. These include established national tenants Resene Paints, the Robert Harris café chain, small business accounting specialists SBA, and Greenlight Insurance Brokers, along with the occupiers of seven boutique office suites as part of a local business centre.

The site generates a total net rental return of $381,620 plus outgoings and GST per annum.

Expiry of the national tenants’ current leases ranges from 2029 to 2032 with final expiries, if rights of renewal are exercised, ranging from 2037 to 2042.

Resene occupies nearly half of the property – some 727 square metres – on a current lease that runs through to 2031 with a further six-year right of renewal. It pays an annual net rent of $180,000 plus outgoings and GST, with built-in market rent reviews every three years.

Since its inception in 1946 and its introduction of waterborne paint to a market starved of quality products in the 1950s, the Resene Group has developed a wide range of paint and coating products. These cater to residential and commercial buildings, marine, heavy industrial and automotive uses. The business has an extensive network of ColorShops, resellers and stockists throughout New Zealand and Australia.

Resene has won Reader’s Digest’s most trusted paint brand award, as voted by New Zealanders, every year from 2012 to 2024.

SBA is a network of accounting franchises with over 80 local branches throughout New Zealand. Greenlight has a team of brokers across the country offering personal, business, rural, forestry, transport and aviation insurance.

Established over 70 years ago, Robert Harris lays claim to being the country’s largest coffee roastery, roasting two million cups a year and serving customers at 35 cafes nationwide.

The property at 601 and 603 Te Rapa Road, Te Rapa, Hamilton, is being marketed for sale by Sunil Bhana, Luke ten Hove and Alex ten Hove of Bayleys Real Estate.

It will be sold by deadline private treaty closing on Tuesday 15 April, unless sold prior.

“This is a rare chance to secure a premium investment in the heart of Te Rapa – underpinned by diversified income from established national tenants on strong long-term commitments,” Bhana said.

“A high-quality finish and style create appeal for this location and position the property well as a stand-out on this tightly held strip of Te Rapa.”

The stratum in freehold-titled property has a total floor area of some 1,534 square metres plus 46 dedicated car parks. The building has an Initial Evaluation Procedure seismic rating of 70 percent of new building standard.

Luke ten Hove said the property, and its tenants, reaped the benefits of plenty of onsite parking and direct access from both Te Rapa Road and Sheffield Street, ensuring high visibility and convenience.

“This Industrial-zoned site sits in one of Hamilton’s most in-demand commercial and retail precincts.

“Te Rapa is a mixed light-industrial, large-scale retail area to the north of central Hamilton. It’s an area of high growth and historically low vacancy, which is popular with a range of businesses due to the high exposure to traffic on Te Rapa Road and easy access from all parts of the city,” he said.

Alex ten Hove said the site for sale was neighboured by numerous big-name occupiers such as Bunnings, Kmart, The Warehouse, PB Tech and Hunting and Fishing, along with a Caltex service station next door.

“There’s a medical centre just down the road and the local supermarket is within walking distance. Te Awa/The Base shopping centre, with its abundance of amenities, is a short drive away.

“This location is supremely well supported by transport links. Being on a main arterial route in and out of Hamilton, with easy access to State Highway 1C, businesses here enjoy easy connections across Waikato and the booming ‘Golden Triangle’ connecting Hamilton, Auckland and Tauranga,” Alex ten Hove said.