Largest Hamilton commercial property sale facilitated by DTZ

The Farmers Centre in Hamilton’s CBD was recently sold by DTZ’s Alan Pracy for $27.2 million making it a contender for the largest commercial property transaction in Hamilton to date. The centre last changed hands 10 years ago for $18M.

The Centre comprises 11,478sqm and includes one of the major multi-storey car parking sites in Hamilton with around 600 car parks. The Farmers store runs over two levels with six other retail tenancies on the lower street level. “This is a really solid asset,” said Alan Pracy, “to my knowledge this is one of the largest commercial sale that has ever happened in Hamilton and certainly there are not too many commercial assets of this size in the region, or opportunities to privately own a large car park, as was evidenced by the substantial competition from offshore super funds to purchase the property. It was also very satisfying to keep ownership of such a substantial holding in local hands.”

Malcolm Barrett of GBG Properties, a specialist in creating Joint Venture companies to purchase larger properties, negotiated the deal with DTZ on behalf of Podium Investments Ltd, a syndicate of local farmers who made the successful offer.

“The investors felt that the centre has a very substantial retail footprint for Hamilton CBD and, together with the car park, believe it to be a stable investment with excellent potential for the future particularly with the new lease commitment from Farmers in place,” commented Malcolm Barrett

At present the new owners have no plans to alter the Centre in any way. It is an investment hold and will be managed by GBG Properties who also manage the KPMG tower situated above Farmers. The combined value of the tower in combination with Farmers and the carpark is approximately $42 million.

ENDS

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