Share In Hill Street Syndication For Sale
In June 2017, Erskine + Owen went unconditional on a 31 room lodge in the heart of Hamilton’s CBD. The Hill Street Lodge is a solid 1970’s concrete office block that was converted to student accommodation in the mid-1990s. It is an established lodging facility that has been in operation for many years.
This syndication is a hybrid between residential and commercial, which means owners get the benefit of commercial property with residential tenants, giving a greater opportunity to provide rental rate increases, on a more frequent basis.
With commercial leases, there is often a risk of long vacancy periods. The ability to acquire a new residential tenant is quicker than a commercial tenant due to the nature of residential accommodation.
Why Hamilton? Hamilton is currently the third fastest growing urban area in New Zealand. It continues to expand through its long relationship with the agricultural, education and construction sectors. Hamilton also enjoys property value increases from the Auckland halo effect.
So low vacancy risk, great return and growth potential.