Market eyes optometrist site

5:12 PM Friday May 3, 2019 True Commercial

The block at 33 Duke St has medical and healthcare tenancies. Photo / Supplied

The land and building housing a range of healthcare tenants, including a dental practice, optometrist clinic, skincare beauty salon are for sale in Cambridge.

The two-storey commercial block, at 33 Duke St, has three tenancies operating in the medical and healthcare sector, say Bayleys Hamilton salespeople David Cashmore and Rebecca Bruce.

The two-storey building has about 18m of frontage on Duke St, with a stairwell off the pavement to the upper level, and is just a few doors from the town’s central junction.

The location is zoned for Commercial use under Waipa District Council Regional Plan.

Like many buildings in Cambridge CBD, the rectangular-shaped concrete block building was constructed in the 1960s. Its seismic rating is 45 per cent of the new building standard (NBS).

Three tenancies, which generate combined annual income of $79,400 plus GST, with regular rent reviews, are:

  • Oral healthcare specialists Dental Care Cambridge occupying first-floor space on a two-year lease running through to 2021, with four further two-year rights of renewal
  • Optometry clinic Matthew Eyewear Eyecare, occupying ground-floor space on a lease running through to 2021, with three further two-year rights of renewal.
  • Beauty therapy treatment salon Skincare, occupying first-floor on a lease expiring at the end of this month.

Bayleys Hamilton is marketing the freehold land and building, beside the Cambridge Volunteer Fire Brigade, for sale by auction on at noon on May 16. The listing features in Bayleys’ latest Total Property portfolio magazine.

The 510sq m building sits on 390sq m of land, with tenants paying outgoings for the property on a proportionate basis.

“The Duke St site benefits from substantial unmetered parking immediately outside its front doors in both directions,” Cashmore says.

“All three tenancies trade from very well-maintained and stylish environments.”

Bruce says investors looking for a split-risk opportunity, or a professional services business owner-operators looking to relocate will be attracted to the property.