Occupying a prime 258sqm (more or less) commercially zoned site in the centre of the Waikato township of Cambridge, Bayleys salespeople say the property at 63 Victoria Street is positioned to benefit from substantial regional growth.
Bayleys Cambridge salesperson Willem Brown says that properties in the high-profile main street location are rarely listed for sale, evidenced by the seller’s family holding tenure of the premises for the past 85 years.
“Tenanted investments in the Cambridge CBD are tightly held and positioned to benefit from a pipeline of planned regional growth as the township continues its evolution from rural support services locale into an urban satellite hub attracting new residents southeast of Hamilton.
“Retail and hospitality, in particular, have benefitted substantially from several high-performance sports making their home base in Cambridge. Including the velodrome – now the best track cycling facility of its type in New Zealand, and substantial improvements to facilities at Lake Karapiro for rowing, canoeing, and waka ama events.
“The region continues to produce elite sportspeople achieving on the global stage, which has bolstered a preferable national reputation as the Home of Champions.”
“New industrial subdivisions at Hautapu, retirement accommodation, and funding via the Waipa 2050 project - encompassing a comprehensive growth strategy for the region - points to significant future investment.
“As a consequence, hands-off assets such as the property at 63 Victoria Street offer investors a chance to get in on the ground floor and reap the rewards of value uplift as the region evolves,” he says.
Comprising a 206sq m (more or less) floorplate with a vibrant retail area at the front, generous rear workspace, and mezzanine storage, the property features dual access via Hallys Lane at the rear, in addition to two exclusive car parks.
Local florist and gift shop Inspiredby2, in occupation since 2007, has a current two-year lease expiring in September 2024, with one further two-year right of renewal.
The property returns a net of $52,914 plus GST and outgoings per annum.
Bayleys salesperson Willem Brown says the main street location, surrounded by established businesses and commercial neighbours, ensures a steady flow of vehicle and passing foot traffic, which is attractive for any occupier.
“Similarly, public parking options abound in the immediate vicinity, and there’s an opportunity to add value to the property through seismic strengthening.
“While modernised over the years, the property features a seismic assessment of 25 percent of New Building Standard, which provides value uplift potential for a new owner willing and able to make improvements that could increase the property’s capital value.”
Brown says the central location in the region’s fastest-growing town presents a significant opportunity for a new owner to capitalise on growth across the residential and commercial property sectors.
“Cambridge has become a thriving township with extensive goods and service amenities and continues to attract a burgeoning population – set to add another 14,000 people by 2050, including a high proportion of commuting workers.
“While economic prosperity is predominantly underpinned by the primary sector, including dairy farming, agriculture and forestry, diversification of the regional economy offers strong growth prospects. Cambridge is certainly establishing itself as a desirable lifestyle destination in the Upper North Island,” he says.