Property for sale after revamp

19:27, Feb 26 2013
Kahikatea Dr
Prime real estate: The two-storey building on the corner of Kahikatea Dr is for sale after failing to attract tenants.

Prime industrial property sitting on State Highway 1 is up for sale after remaining vacant for more than a year.

The two-storey building on the corner of Grasslands Pl and Kahikatea Dr sits on the main western bypass through Hamilton and sees 27,000 vehicles pass by a day.

The owners, three separate parties who are based in Taranaki, are reluctant to part with the property, but have decided to put it on the market with Bayleys after a year-long struggle to find tenants.

The previous tenants, a seafood outfit, vacated the building in December 2011 and the owners have been unable to attract a party to take over the lease.

"It looks like a good property and it feels like a good property, but it's been hard to find good tenants and especially [to co-ordinate it] from Taranaki," co-owner Steve Waite said.

The owners decided to revamp the property.


Refurbishment of the two-storey building was completed last month, costing a total of $40,000 for repainting, rewiring and the odd cracked tile to be replaced.

"It's pretty much a clean slate for new owners to come in and stamp their mark," Waite said.

The owners are looking to sell the property, which has industrial zoning, at around $550,000.

The property will be sold by auction on Thursday, March 14, unless sold prior.