A prominent landholding on Te Rapa straight - one of Hamilton’s most tightly held business precincts - offers investors and owner-occupiers the chance to secure scale, profile and income with options for immediate value-add and long-term growth, Bayleys brokers say.

Bayleys Hamilton’s Commercial and Industrial sales team, Luke and Alex ten Hove, are marketing the two-level office building at 650 Te Rapa Road, for sale by tender, closing at 4pm on Wednesday 30th October 2025 (unless sold prior).

Luke ten Hove says the premises, purpose-built for ANZ Bank, features 920sqm (more or less) of lettable area on a 1,873sqm freehold site, with 30 car parks and existing office use rights - an advantage in Te Rapa given current district plan constraints on new office developments outside the CBD.

“The property currently generates $138,708 net per annum plus GST and outgoings from two established tenants, with an additional tenancy able to deliver around $70,000 per annum once leased. This blend of secure income and leasing flexibility gives the new owner both immediate cash flow and the freedom to reposition the asset to suit their long-term objectives.”

Ten Hove says the building’s multi-tenancy configuration and generous footprint provide an ideal platform for refurbishment, modernisation or adaptive reuse to align with future tenant demand.

“In a precinct where quality office and commercial space is tightly held, repositioning the property has the potential to unlock significant upside.

“With occupier expectations shifting toward more contemporary fitouts and a presence in amenity-rich environments, well-located properties with add-value capacity are firmly on the radar for investors and future-focused developers.

“Owner-occupiers are also circling for opportunities, particularly with those seeking scale and profile without the lead-time and cost associated with ground-up development.”

Situated on Te Rapa’s main arterial, the property benefits from excellent visibility and accessibility, minutes from The Base shopping centre and major roading links to State Highway 1C.

The site sits within the ‘Golden Triangle’ - the high-growth corridor linking Hamilton, Auckland, and Tauranga, widely recognised as New Zealand’s economic powerhouse, Alex ten Hove says.

“Hamilton continues to experience strong population and employment growth, underpinned by logistics, manufacturing, and knowledge-sector expansion.

“The Te Rapa precinct has attracted substantial investment from major national and international occupiers, drawn to its connectivity and growth trajectory.

“Investors have found value in the city’s commercial and industrial market as the Golden Triangle dynamic intensifies, with infrastructure projects and both public and private sector investment reinforcing long-term fundamentals.

“This is a genuine opportunity in one of the region’s most strategic growth locations. Few properties provide this combination of holding income, redevelopment scope and a position within the country’s most dynamic economic corridor,” he adds.