Hamilton shopping centre hits the market

Substantial portion of new Hamilton shopping centre hits the market

A strip portion of one of the most substantial retail centres in Hamilton is for sale by private treaty closing the 7th June 2007 marketed jointly by DTZ and Hamilton based RealtyPlus.

“The Rototuna Centre, on the corner of Horsham Downs and Thomas Road, is undoubtedly the most substantial centre in the area,” says Alan Pracy of DTZ. “It is located in Hamilton’s fastest growing area where land up-take and growth in some of the suburbs around the centre has exceeded all expectations. The centre boasts more than adequate parking with in excess of 600 open parking bays plus there is a bus stop on site and the centre is convenient to all main arterials.”

Offering a net income of approximately $1.7M from 36 tenancies, the new centre is operational and fully leased, barring three tenancies, and is currently being given the finishing touches to bring it to completion.

The anchor tenant is a New World Supermarket (unit owned by Foodstuffs ) and there is also a BP service station at the front of the centre and one retail unit also towards the front which are on separate titles and are not included in the portion for sale.

Of the new portion on offer, the 36 tenancies comprise a good mix of retail and services including a large medical centre with doctors surgery, pharmacy, dentist, Plunket and optometrist all operated by national chain, Radius, Subway, Hell Pizza, Video Ezy, KFC, Paper Plus, a Physique’s Gym and a number of other national brands. The common areas of the centre and the body corporate are managed by Merchant Property Management.

“All the leases are obviously new long-term leases with an average weighted lease term of 5.3 years. In addition the centre is on a shopping centre lease which is an attractive selling point in that it provides more control for the owner over continuity and alignment with all tenants contributing to the overall centre,” says Alan Pracy.

Designed by architects Woodhams Meikle Zhan and built by Haydn & Rollett Construction, the style of the centre is open and is very modern and clean.

The centre is on 4.9 hectares of land and the total retail area is approximately 12,500sqm. The land was originally sold by the current marketers two and a half years ago to a joint venture consortium comprising four investors based in the North Island who developed the centre and are now the vendor. Since this original involvement, DTZ’s Alan Pracy and Graham Dwyer of RealtyPlus have been involved throughout the leasing process.

ENDS

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