A substantial portfolio of retail stores in a major new lakefront commercial and residential development in the heart of the Waikato has been placed on the market for sale.
The multitude of sites for sale are located in the Lakewood subdivision in Cambridge - built on the previously undeveloped historic railway yards between the town’s existing central business district and Lake Te Ko Utu.
As a mixed-use development, the Lakewood precinct contains a combination of new-build residential dwellings, and a substantial portion of commercial sites – expanding Cambridge’s currently tightly-held town centre capacity.
Commercial tenancies already operating within Lakewood’s commercial areas include, House of Wonder an early childhood education centre, Bay Audiology, Bayleys, Coffee Club, Hell Pizza, Pita Pit, Habitual Fix, Vivo Hair Salon, Super Liquor, 24-hour gym Snap Fitness, Hidden Lake Hotel as well as a number of adjacent complementary businesses such as fast-food operators McDonald’s, vehicle testing workshop VTNZ and building material supplier Bunnings.
Final stage now complete, Lakewood also has on-site carparking for some 300 vehicles. Tree-lined shared walkways and cycle paths link the precinct with both the adjacent Cambridge central business district running along Victoria Street, and the recreational public amenities of Lake Te Ko Utu.
Final units within Lakewood are now being marketed for sale or lease by negotiation through Bayleys Hamilton. Salespeople Alex ten Hove, Jason Kong, Jordan Metcalfe, Rebecca Bruce and Willem Brown said the sites for sale included four tenanted investment sites, and a number of owner occupier units.
Ten Hove said the choice of tenancy types within the tilt-slab constructed premises offered for sale to investors ranged from financial advisory services and convenience food sectors, through to a sports supplements and vitamin store, and hair and beauty operation.
The four tenanted units for sale are strategically located throughout Lakewood’s retail precinct, and are:
• A 46-square metre space occupied by sports supplement retailer Sportsfuel on a new six-year lease with two further six-year rights of renewal, generating net annual rental of $18,800 plus GST
• A 90-square metre space occupied by personal grooming boutique Glamour Hair & Beauty on a new six-year lease with two further eight-year rights of renewal, generating net annual rental of $33,500 plus GST
• A 242-square metre space occupied by mortgage broking firm Lime Group on a new six-year lease with two further six-year rights of renewal, generating net annual rental of $63,250 plus GST
• A 73-square metre space occupied by food and beverage outlet Habitual Fix on an eight-year lease with two further six-year rights of renewal, generating net annual rental of $29,280 plus GST.
Meanwhile, the nine owner-occupier units being offered for sale or lease range in size from 79 square metres up to 289 square metres and can be used for either retail or commercial office space. There is also an ability to combine adjacent units to create a bigger tenancy.
Ten Hove said the portfolio of units could be bought in any combination or configuration – with the potential that some of the vacant units could be unified into bigger floor plates.
“Lakewood Cambridge was needed as the town's main street is heavily constrained by its geography and popularity, with a population increase of more than 4,000 people expected by 2033 there was little room for commercial expansion under current paradigms,” he said.
The dynamics for the Lakewood Cambridge mixed-use hub were scoped out after economic demographics research firm Property Economics conducted a comprehensive audit of Cambridge's existing retail and commercial property sector and identified what it labelled significant 'shopping leakage.'
Property Economics found that on average, 57 percent of Cambridge residents' total shopping spend went outside the town’s 32,109 square metres of existing stores. It noted that the town was short of almost 10,000 square metres of retail space.
The research found there was pent up demand for new retail services and amenities from the town's 26,000 residents. Its data predicted, pre-Covid-19, that the total retail expenditure of Cambridge’s resident and visitor population was forecast to grow 34.7 percent between 2015 and 2033.
Bruce said: “Specific retailers were targeted for sites within Lakewood and the four tenanted properties for sale complement that masterplan.”
“As a mixed-use development, the developer's aim was to align Lakewood Cambridge with what was already working well in Cambridge town centre, and to more effectively connect with the lake. Each of the buildings reflect Cambridge's heritage, with different materials used on each block to reference various parts of the town's history,” she said.
Metcalfe said the high-quality Lakewood development had been built by well-known Waikato construction company Fosters. He said the hub was administered by a professional body corporate structure to coordinate management and maintenance of buildings and surrounds.
Kong said the Lakewood precinct had historic significance for the region. A railway track and station were on the property during the early-1900s, when troops from across the Waikato left from there to fight in World War One. A swing gate near the railway station, known as the “kissing gate”, is one of the few remnants left and has been preserved.