The Farmers Centre in Hamilton’s CBD was recently sold by for $27.2 million, making it a contender for the largest commercial property transaction in Hamilton to date. It last changed hands 10 years ago for $18 million.
Friday, April 27th 2007, 4:56PM
by The Landlord
The centre comprises 11,478sqm and includes one of the major multi-storey car parking sites in Hamilton with around 600 car parks. The Farmers store runs over two levels with six other retail tenancies on the lower street level.
Despite competition from offshore super funds to purchase the property, it was Podium Investments Ltd, a syndicate of local farmers, who made the successful offer.
At present the new owners have no plans to alter the centre in any way. It is an investment hold and will be managed by GBG Properties who also manage the KPMG tower situated above Farmers. The combined value of the tower in combination with Farmers and the car park is approximately $42 million.
