The modern, multi-tenanted property anchored by a global gym chain and iconic Kiwi brand Para Rubber is up for sale in a key Hamilton commercial and industrial hub.

The property on Karewa Place sits near the eastern fringe of the north Hamilton business stronghold of Te Rapa where it borders an expansive residential catchment.

The site is home to 24/7 gym chain Snap Fitness, along with Para Rubber, and Hamilton-based international software development company Lonrix. A fourth tenancy will be occupied from August under a new lease to an international Pilates studio franchise.

Together the leases will earn new owners a diversified net rental return of $301,552 plus outgoings and GST per annum, with built-in rental growth across all leases.

The freehold land and buildings at 5 Karewa Place, Pukete, Hamilton, are being offered for sale through Alex ten Hove and Luke ten Hove of Bayleys Hamilton.

The property will be sold by way of a tender closing on Thursday 10 July, unless it is sold earlier.

Alex ten Hove said the approximately 1,194 square metres of low-maintenance buildings, constructed in 2014, were underpinned by some 2,520 square metres of Industrial-zoned land, with 38 onsite car parks shared by the tenants.

“This modern, multi-tenanted asset offers investors an attractive combination of stable passive income, flexibility, and built-in rental growth. The building features quality construction, modern amenities, and a layout that accommodates multiple tenancies.

“The well-established business occupiers not only provide rental security but also enhance the property’s profile and attraction, and the in-demand location underpins significant potential for capital growth,” Alex ten Hove said.

The long-term leases to quality tenants would be a key attraction for passive investors, he said.

Snap Fitness, which operates some 60 gyms across New Zealand, occupies its approximately 422-square-metre Karewa Place premises on a current lease that runs through to 2030, with a further six-year right of renewal.

The company has won multiple industry awards, including 'Best Fitness Franchise' at the Global Franchise Awards 2022.

Para Rubber was established in Christchurch in 1910, and is now a well-known New Zealand-owned provider of rubber, foam, pools and associated products. Its Karewa Place outlet, spanning some 420 square metres, is part of a nationwide network of 10 stores. The current lease extends to 2027 with a further six-year right of renewal.

Lonrix is a software development company serving major clients in New Zealand, Australia, South Africa and Indonesia. It is headquartered in an approximately 126-square-metre tenancy at Karewa Place on a lease extending to 2027 with a further three-year right of renewal. Its team of civil engineers, software engineers and data analysts provide cloud-based software and asset management solutions for transport and infrastructure.

247 Pilates Hamilton, part of a Pilates chain with locations in Australia, New Zealand and Singapore, will occupy its Karewa Place premises of some 226 square metres on a new five-year lease with two further five-year rights of renewal.

Luke ten Hove said the Karewa Place property was well positioned in the heart of a high-profile and fast-growing commercial catchment.

“With a strong mix of surrounding industrial, commercial, and retail activity, 5 Karewa Place offers a superb location for businesses looking to combine operational efficiency with convenience and visibility.

“The property is surrounded by national brands, high-performing businesses and major infrastructure, and is a few minutes’ walk from one of New Zealand’s largest retail and commercial centres, The Base.

“Positioned within a short drive of the Waikato Expressway, this site provides seamless connectivity north and south, facilitating easy access across the ‘Golden Triangle’ linking Hamilton with Auckland and Tauranga,” Luke ten Hove said.