The land and building which previously housed one of the biggest full-service medical centres in the Waikato have been placed on the market for sale.
The premises formerly known as the Paeroa Medical centre is centrally located at 15 Princess Street in Paeroa - one block back from the town’s central business district. When operating, the building encompassed a doctors’ surgery, dentistry rooms, pharmacy laboratory, community and mental health services - the complex services the local and wider North Waikato community.
The building and land were first placed on the market for sale in 2017 when it was fully tenanted by a range of medical practices and support services, including the Waikato District Health Board and a pharmacy. When full occupied, the property generated an annual net rental income of $115,341 from six tenants.
Constructed in the late 1990s and holding an A+ seismic rating equating to 100 percent of new building standards, the single-storey brick structure has a carpark behind it with space for eight vehicles, and additional guest or customer car parking immediately in front on Princes Street.
Now vacant, the 610 square metre building sitting on some 1211 square metres of freehold land has been placed on the market for sale at auction on March 12 through Bayleys Hamilton. Salesperson Josh Smith said the layout of the building, combined with its location and commercial 8A council zoning, meant it could be kept as a shared business format, or reconfigured into a boutique accommodation provider.
“With a welcoming street-facing front reception area, retail space previously occupied by the pharmacy, an employee kitchen and lunchroom space, and multiple bathroom amenities, it’s relatively easy to see how the property could be converted into a ‘flashpacker’ style accommodation provider,” Mr Smith said.
“Under that format the potential product offering at 15 Princess Street would be rather unique for Paeroa – falling somewhere above your standard backpacker style venue but sitting just below a modern hotel or lodge type operation.”
“The underlying ‘bones’ of the building would enable a straightforward reconfiguration from medical use to hospitality. Guests staying at the new venue would also be able to enjoy the proximity of Paeroa’s main retail strip just one block walk away for the purposes of eating, drinking and shopping.”
Mr Smith said while there had been potential buyer interest in the Princess Street property when it was marketed as a tenanted investment two years ago, the owner was now realistic that its potential value was much lower as the building was being marketed this time as vacant.
“That shifts the buyer dynamic somewhat – from what was a passive investment, to an enterprise-backed development opportunity,” he said.