Gas station and auto repair shop premises for sale have boosted property investors
The High Street land and building housing one of New Zealand’s most instantly recognizable fuel retail brands, as well as a long-running and well-attended provincial auto repair shop, has been put on the market for sale.
The corner site property in the center of Whitianga Township on the Coromandel Peninsula contains the town’s Gull service station in addition to a separate auto repair shop and a stand-alone tire retail outlet.
Combining four land titles, the 2,066 square meter block is located at the intersection of Monk Street and Mill Road, with the three separate leases complementing each other. The property is strategically located with Monk Street being the main thoroughfare through Whitianga and connecting the township to the wharf and ferry area.
Gull operates a multi-model fuel retail network at over 100 sites across New Zealand, in which there are three site models – unmanned, manned and marinas. The Gull fuel dispensing brand is owned by Caltex Australia.
Gull has operated from the Monk Street site in Whitianga since 2006 and operates five fuel pumps served by a forecourt store selling a selection of car care fluids in addition to standard shelves stocked with snacks and drinks.
Meanwhile, neighboring Peninsula Tires is a locally owned and operated tire retailer that runs multiple job bays used for mounting and balancing tires for cars, trailers, trucks, and farm equipment, in addition to manage a call service.
Locally owned auto repair and fitness warranty garage Charlies Workshop has been operating from its location for 21 years. His portion of the property is accessed by two rolling doors on Mill Road leading directly to the garage floor space and also contains a vehicle parking area to the side of the building.
Sitting on some 2,056 square meters of flat square-shaped land zoned 8B commercial under the Thames Coromandel District Council plan, the three rentals on the block generate an annual rent of $134,830 plus GST and utility expenses. operation, and include:
- Gull Whitianga on a running lease until 2026 in its single storey premises
- Peninsula Tires on a running lease until 2025 in its single storey premises
- Charlies Workshop on a running lease through 2029. in its two-storey premises with offices and staff facilities on the upper floor.
The freehold land and building at 7 Monk Street in Whitianga is now being marketed for sale by tender through Bayleys Hamilton, with the tender process ending on March 10. Seller Josh Smith said the property and its trio of retail rentals offered a risk-shared investment opportunity, with the benefit of development potential to boost returns.
“A sealed 516 square meter portion of the property in its own name is currently undeveloped and is being used for vehicle parking. It was previously used by energy brand Rock Gas for cylinder storage. There is potential, subject to council approval, to add new industrial premises to this site – which has direct road frontage onto Monk Street,” Smith said.
“The development of a purpose-built industrial space to house an automotive electrical business, a marine craft maintenance garage or a panel piling and painting shop would further complement the existing automotive theme of this significant block.
“This avenue also opens up the aspect of owner-occupied site purchase with existing operations in one of these automotive business areas to combine both a leasing and real estate investment model supported by the income from the current trio of commercial tenants.
“The single vacant section of the site could also be developed into a multi-storey residential block, subject to council consent.”
The 814 square meter building at 7 Monk Street housing the three rentals is constructed with concrete block walls, with steel beams supporting a pitched corrugated iron roof, typically seen in such automotive premises in New Zealand.
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