Truck stop for sale

Kapi-Mana News - - FRONT PAGE - CHLOE WIN­TER

A large in­dus­trial site which is home to a ba­sic refuelling truck stop at Gre­nada North, is up for sale.

The 1247 square me­tre prop­erty, at the gate­way of the Gre­nada North in­dus­trial precinct, is leased to BP and is the last piece of in­di­vid­u­al­lyti­tled land from the orig­i­nal Tawa Golf Driv­ing Range which made way for the busi­ness park 13 years ago.

The par­cel of land is be­ing sub­di­vided off a larger site with the new ti­tle and pa­per­work ex­pected to be com­pleted in the last quar­ter of this year.

It is owned by Build­ing So­lu­tions, the orig­i­nal devel­op­ers of the Gre­nada Busi­ness Park.

BP Oil New Zealand pays a net rental of about $60,000 per year, and has op­er­ated a truck stop from the site since tak­ing an ini­tial 10-year lease in Novem­ber 2007, with fur­ther rights of re­newal.

The rights have been ex­er­cised mean­ing the lease now runs through to Novem­ber 2022.

Bay­leys Welling­ton agent Fraser Press said it was ‘‘quite pos­si­bly the best re­turn an in­vestor could get from a hunk of con­crete’’.

‘‘There’s a sound arm’s length lease in place and all of the truck stop plant and equip­ment is owned and main­tained by the ten­ant. It doesn’t get much eas­ier than that for an in­vestor.’’

There were no other truck refuelling stops in the im­me­di­ate area, as there was a non-com­pete clause in play, Press said.

Prop­erty in Gre­nada North, which had some of the low­est in­dus­trial va­cancy rates in Welling­ton, was fu­ture-proofed by ma­jor road­ing projects due to be com­pleted.

‘‘Trans­mis­sion Gully, and the pro­posed link be­tween Pe­tone and Gre­nada, will fur­ther ce­ment this area as a strate­gic in­dus­trial and lo­gis­tics hub.’’

The prop­erty will be auc­tioned on Au­gust 3.

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