Multi-purpose Airport Property For Sale Poised To Be A Runway Opportunity


The land and building housing a multi-purposed light
industrial unit and chic residential dwelling immediately
adjacent to one of New Zealand’s busiest airports has been
placed on the market for sale.

76
Ossie James Drive

The recently-built
premises at 76 Ossie James Drive beside Hamilton Airport
consists of a 285-square metre high-stud warehousing
facility with three roller door access points, a 50- square
metre office space, and a substantial 180-square metre
apartment – all serviced by a secure expansive concreted
yard space.

Sitting on some 2,977 square metres of
land, the property at 76 Ossie James Drive is now being
marketed for sale at auction on December 3 through Bayleys
Hamilton. Salespeople Rebecca Bruce, Jordan Metcalfe, and
David Cashmore said the commercial portions of the premises
were leased to two separate tenancies – generating a
combined total of $70,000 plus GST per annum.

Lead
tenant, Hamilton Caravan Hire is on a lease running through
to 2021 with two further two-year right of renewals,
generating $48,000 plus GST per annum. The company leases
part of the warehouse space, the office area, and the yard
for vehicle storage.

Meanwhile, second tenant budget
home food delivery service Kete Kai Limited is on a lease
running through to the middle of next year with
month-to-month renewal options after that, generating
$22,000 plus GST per annum. The company leases a portion of
the warehouse space.

The spacious open-plan
one-bedroom dwelling within the property – complete with a
covered 50-square metre deck area overlooking the airport
runway and double car garaging – has a been appraised as
rentable for $450 per week. The apartment has its own
private entrance, a small fenced garden, and allocated
visitor car parking.

Bruce said the multiple zones
within the Ossie James Drive property meant it could be
targeted by either owner-occupiers looking for business
premises close to the airport, or by investors looking for
diverse independent revenue streams from one
location.

“As a jig-saw investment, the property
contains industrial warehousing, office space, secure yard
storage, and a high-quality residential dwelling. In the
longer-term, these could be combined into one tenancy, or
they could simply be kept in their current format and leased
to multiple tenancies,” she said.

“Both tenants
enjoy a good relationship with the existing landlord owner
and have indicated they would both be flexible on discussing
their occupancy terms with any new owner.

“The
designer-style apartment is currently occupied by the
vendor, but is prime for tenanting with staff working within
the ever-growing Hamilton Airport precinct,” said
Bruce.

With the fourth longest commercial runway in
New Zealand, Hamilton Airport is the country’s second
busiest airport for flight movements – recording up to
120,000 incoming and outgoing flights annually prior to
Covid-19, along with 355,000 passenger movements.

The
airport amenity is surrounded by numerous pilot training
organisations, helicopter operations, and aviation
maintenance businesses. Meanwhile, dozens of large light
industry and commercial entities are also located within the
75-hectare Titanium Park precinct situated around the
airports periphery.

Reflecting the airport’s
long-term importance to the region, the infrastructure asset
is jointly owned by the five surrounding council authorities
– Hamilton City, Waikato District, Matamata-Piako, Waipa
District and Otorohanga District.

The concrete
tilt-slab building is constructed with steel columns and
long-run roofing. The residential portion of the building at
76 Ossie James Drive sits above the office space and has its
own separate entry. Entry to the two-year-old property is
through secure gating.

The location is classified as
Airport Business Zone under the Waipa District Council plan
– allowing for commercial, retail, and industrial
activities which are directly linked to the airport’s
operations.

Cashmore said that with domestic tourism
activities currently surging as a result of Covid-19
international travel restrictions, the substantial yard
space with 76 Ossie James Drive had the ready-made capacity
to grow in conjunction with tenant Hamilton Caravan Hire, or
to support other Hamilton Airport infrastructure businesses
– such as rental car or motorhome firms.

“The
property has effectively been ‘future-proofed’ to allow
for either tenant growth, or to take on larger tenants
piggy-backing off the continuing rise in Hamilton
Airport’s core activities and support services. As a
relatively new building still in showcase condition, this
sets up the property well for the long-term,” he
said.

“Alternatively, the property could be used as
the ultimate ‘big boys toys man cave’ – suitable for
housing the likes of a car collection, aquatic and marine
vehicles such as boats or jet skis, or a hobby
collection.”

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