Investment property to sink your teeth into
Constructed in 2020, the stylish contemporary premises were purpose-built to exacting specifications by the current owner and occupier Hoki Dental, one of New Zealand’s most technologically-advanced dental surgeries.
The commercial building is located at 18 Revell Street on the edge of the town’s core commercial zone near the estuary, has a building footprint of 153sqm on a 343sqm site, and has three car parks.
Through a vendor leaseback, the property returns a net income of $60,000 per annum plus GST.
Offers over $1,000,000 plus GST (if any) are invited via Bayleys Nelson Bays commercial salesperson Gill Ireland.
“Investors looking for a solid, reliable, low maintenance freehold asset will recognise the value inherent in Hokitika’s newest commercial property, which is at 100-percent new building standard, with a respected tenant in place,” she said.
“With all OPEX recoverable and no works needed on the building, this is a smooth hands-off asset that is expected to appeal to new investors, or be a welcome addition to an existing portfolio.
“That million-dollar-plus guide point is likely to attract interest from both local Hokitika investors and buyers from outside the Westland region.
“Regional New Zealand investment opportunities are certainly on investor radars and the quality build here, underpinned by the essential service role of the tenant, and the favourable lease credentials, all serve to elevate the offering in the current market.”
Hoki Dental Limited’s six-year lease commenced 1st October 2020, and there are two, five-year rights of renewal, with market rent reviews every three years.
“Having been instrumental in developing the dental surgery to meet its specialist business operational requirements, Hoki Dental’s lease will provide a new owner with continuity and confidence,” said Ireland.
“Unlike some other occupier segments of the commercial property market, essential service occupiers like healthcare providers have proven counter-cyclical resilience – particularly highlighted over the last two years through the pandemic.
“This property is positioned away from the busier main commercial strip providing the privacy and quietness desired by medical and health practices, however, the building is flexible enough to morph for another business use down the track.”
The property has good visibility with a striking modern façade and tenant branding, drive-on parking and a pedestrian access ramp with full safety railings.
Inside there is a welcoming reception and waiting area, four treatment rooms, additional consultation rooms, an equipment room, office space, and a separate lunchroom with a full kitchenette.
Revell Street is close to the central business district and State Highway 6 providing streamlined access for both the tenant and clients, and future-proofing the site for desirable commercial usage.
Hokitika was recently ranked New Zealand’s “most welcoming town” according to traveller reviews on travel and accommodation booking website, Booking.com.
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