BP site will fuel buyer interest
The main-road site housing a refurbished BP service station on a long lease has gone up for sale in a Northland location with very few local competitors.
Positioned on a high-profile corner site in Moerewa, the BP 2go and truck stop is the settlement’s only commercial service station with its nearest competitor several kilometres away in Kawakawa.
The station’s location on State Highway 1, between Kawakawa and Kerikeri, offers excellent exposure to all northbound throughtraffic as well as to residents of the rural town sustained by local forestry, farming and the town’s large AFFCO meat plant.
The freehold land and buildings for sale at 48-50 Main Road, Moerewa, sustain a service station operation with petrol and diesel pumps and a truck stop, along with a shop and ATM.
The service station has nearly 12 years to run on the current lease term with a further five-year right of renewal which, if exercised, would extend to 2038.
The property generates net rental income of $92,787 plus outgoings and GST per annum, with fixed annual one-percent rent increases and three-yearly market reviews.
The land and buildings at 48-50 Main Road, Moerewa, are being marketed for sale by Tony Chaudhary, Amy Weng and Janak Darji of Bayleys Real Estate. Sale will be by deadline private treaty closing on Thursday 25 November unless the property sells earlier.
Chaudhary said the site for sale comprised approximately 2010 sqm of Commercial-zoned land across two freehold titles.
“The property houses six fuel pumps in three side-by-side bays plus a truck stop, with a canopy of 314 square metres and an approximately 175-sqm retail store. The structures have an A-plus Initial Evaluation Procedure seismic rating of over 100 per cent of new building standard,” said Chaudhary.
“The tenant recently installed two nearnew 50,000-litre underground fuel storage tanks. The forecourt canopy has been upgraded and the store enlivened with a fresh, modernised internal fitout. A small yard is also available to the rear of the site.”
Chaudhary said Moerewa’s strategic position just south of where State Highways 1 and 10 merge at Pakaraka, ensured all traffic heading north passed through the town centre.
“With a big-brand service station tenant in position here on a long-term lease, and rental growth locked in, this property will make Moerewa a centre of attention for passive commercial property investors seeking a strong cashflow.”