Truck stop for sale

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.