Nosh's central city site for sale at $3m

NARELLE HENSON
Last updated 15:49 05/02/2014
Nosh Hamilton'
FAIRFAX NZ

Nosh Hamilton's central city site covers 659 square metres, including mezzanine and retail space, is located at 96 Ulster St, on an intersection that sees around 35,000 cars pass by daily.

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Hamilton's Nosh building is up for lease, or sale at $3 million, after the gourmet food company announced it would be pulling out of Hamilton last month.

The building, which covers 659 square metres, including mezzanine and retail space, is located at 96 Ulster St, on an intersection that sees around 35,000 cars pass by daily.

NAI Harcourts managing director Mike Neale said interest in the building was significant.

"It's only been up for a couple of weeks but there's been a variety of interest, national and local," he said.

"We've had a couple of people look at the site, because it's a wonderful, high-profile site, and we have a number of them now doing due diligence and talking to their boards about the varying opportunities that might come with the site."

He said the interest came both from a sale and leasing point of view.

The building, which was built by Downey Construction, and designed by Hamilton architect Noel Jessop, could accommodate another level being added onto it.

"It all depends what sort of use goes in there," said Neale.

"In theory it could be converted to office space or something. But it will be very much dependent on what a new tenant requires in terms of the look of the building and what the tenant requires."

He said he expected the building would either sell or be leased within the next few months.

"The commercial market is certainly starting to show some good signs out there, so you would hope that in the next couple of months something serious would come into play.

"There's certainly a number of parties that have said ‘yes, we're serious', and the landlord is aware of that.

Neale said the site was recognisable, which added to the interest.

"It is certainly a fantastic CBD site. It really stands out.

"I'm really surprised that Nosh are leaving, but you've got to look at the Auckland market and you've just got to look at the population they've got up there. Maybe that works a bit better logistically for them."

Nosh announced that it would be pulling out of the Hamilton store early last month to focus on its seven Auckland stores. It said the Hamilton store would close on February 28, although its lease on the property was to run until 2019.

Gourmet supermarkets have traditionally struggled in the Hamilton market, with Farro Fresh rebranding as the low budget Trader Jacks in 2012. Trader Jacks closed a year later.

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- Waikato

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