Former warehouse and office building up for sale

Tertiary education provider’s former warehouse and office building goes up for sale

The land and building previously used as an education facility by one of New Zealand’s largest tertiary education providers has been placed on the market for sale.

The property at 59 Mahana Road in the Hamilton suburb of Te Rapa consists of a 516 square metre warehouse type structure with administrative offices used by Te Wananga o Aotearoa.

The tertiary education provider was established in 1984 to provide an alternative learning environment to universities and polytechnics, based on Maori principles and values. Since inception, Te Wananga o Aotearoa has expanded to operate from some 80 locations nationwide – teaching cultural-based subjects, through to computing and business administration curriculum.

Some 300,000 graduates have passed through Te Wananga o Aotearoa’s courses – including many of those facilitated at the Mahana Road property which has been now been deemed surplus to the organisation’s requirements. Te Wananga o Aotearoa will still continue to run courses from its nearby sister campus in Te Rapa Road.

The land and vacant building at 59 Mahana Road in Te Rapa are now being marketed for sale at by tender through Bayleys Hamilton, with tenders closing on June 25. Salespeople Alex ten Hove and Mike Swanson said the premises consisted of a high stud warehouse with two storeys of adjoining offices split over the ground level and a mezzanine floor.

The freehold land at 59 Mahana Road is zoned industrial 7A warehouse/suburban under the Hamilton City Council Plan. Mr ten Hove said the building featured multiple zones – encompassing 115 square metres of warehousing, 143 square metres of office space under the mezzanine floor, 97 square metres of mezzanine level space, 68 square metres of ground floor offices, and 53 square metres of first floor offices and staff amenities.

“The warehouse has a stud height ranging from four metres around the perimeter to 5.5 metres at its apex, with access via a roller door leading straight onto the factory floor from the front entrance of the property. The building is constructed on reinforced concrete foundations, with concrete and steel framed columns supporting timber beams and a metal roof,” Mr ten Hove said.

“The timber-framed mezzanine floor is accessed via a staircase leading up from the warehouse floor and is currently formatted to sustain a lunchroom amenity.”

Mr Swanson said that while the office décor was in a state which could be occupied immediately, it was dated – leaving the opportunity for any new owner to refurbish the commercial areas. The building is being sold complete with wall-mounted air conditioning units and a security alarm system.

“The lay-out of having office amenities and substantial warehousing space within the same address would suit a small owner/operator such as a tradie,” Mr Swanson said.

“Alternatively, the space could potentially be reconfigured by a developer – factoring in the straightforward rectangular shape of the premises. Our sales and leasing data for real estate in the industrial and big box retail Te Rapa precinct show the property could expect to be rented for somewhere in the region of $34,000 per annum plus operating expenses.”

The Mahana Road property has car parking for three vehicles, with additional unmetered street parking immediately outside the premises. It has a new building standards rating of 47 percent.

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