Tauriko service station for sale
A high-profile service station in Tauranga’s Tauriko commercial precinct is up for sale with a long lease and locked-in rental growth.
Caltex Tauriko is on State Highway 29, a key arterial route between Tauranga and Waikato and Auckland.
It is on a 20-year triple-net lease to a Caltex-branded service station operator, with 14 years remaining. The lease returns $152,532 from November 1, with rental growth fixed at 4 per cent every two years.
The property has a net lettable area of 248sq m on a 3098sq m freehold site. It comprises a forecourt canopy, a Fix-branded retail shop with an area subleased to a Subway sandwich franchise, and truck fuelling facilities at the rear.
Colliers International is marketing 782R State Highway 29 for sale by deadline private treaty closing at 4pm on Thursday, November 21, unless sold earlier.
Tauranga broker Rachel Emerson says it is in an area experiencing huge residential, commercial and industrial growth.
“Tauriko is a popular location thanks to the burgeoning Tauriko Business Estate and Tauranga Crossing shopping centre,” she says.
“Further residential growth in the area is likely with the proposed Tauriko West residential plan change, which would allow several thousand planned new homes to be constructed.
“This property is well located to benefit from this growth. It is the first and last service station as you travel to and from Tauranga via SH29, which goes over the Kaimai Ranges to Waikato and Auckland.”
The Bay of Plenty, Waikato and Auckland regions form the soughtafter Golden Triangle, home to half of New Zealand’s population. The area generates 50 per cent of the country’s GDP.
Simon Clark, director of Colliers Tauranga, says the service station is expected to attract investor interest from around New Zealand.
“The property’s location in the coveted Golden Triangle, along with its national-brand tenant on a long lease with fixed rental growth, makes this an impeccable bottom-drawer investment.”