Service station in prime southern spot
Occupying a high-profile corner site with significant road exposure, a service station with a blue-chip tenant in Otago is sure to grab the attention of buyers looking to acquire a prime asset with long-term upside.
24 Greenwich St, Waihola (pictured above) is home to an NPD service station that sits on a 2150sq m freehold site that is spread across two titles and is zoned Urban Resource Area by Clutha District Council.
NPD will begin a new 15-year lease term on settlement that includes three further rights of renewal for 10 years each. The annual rental income from the lease agreement is $150,000 plus GST and outgoings. The strong fixed annual rental increases, along with market reviews through the lease, are sure to attract those with an eye to growth.
The site benefits from sitting on Greenwich St (SH1) and has frontage to North Foreland St. The property provides dual access and was designed with functionality in mind as it sees considerable passing traffic numbers.
Waihola is a popular summer holiday destination approximately 30 minutes’ drive from Dunedin on the main route that links to the Central Otago region, which includes tourism hotspots Queenstown and Wānaka.
Colliers directors Dean Collins and Sam Staite are marketing the property for sale by deadline private treaty closing at 4pm on Wednesday 19 October, unless sold prior.
Developed in 2015-16, the purpose-built site includes an On the Spot retail store, which spans 198sq m, and features a steady stream of local and travelling customers.
Collins says service stations are highly attractive purchasing opportunities and this premier offering fits that bill. “Service stations are keenly sought among buyers given their tremendous investment fundamentals as an essential service that is underpinned by ongoing consumer demand. The site includes a strong tenant covenant with the current occupier signed to a longterm lease that includes multiple renewals. The built-in rental growth through 2.25 per cent annual increases adds further appeal.”