High-octane Thames property for auction
The high-profile land, buildings and infrastructure of a busy service station in Thames’ CBD have been placed on the market.
The Gull petrol station is part of New Zealand’s largest independent fuel retailer, which operates 115 mostly unmanned sites across the country.
Gull Thames operates within the staffed framework with its retail store selling food and beverages as well as automotive products.
The property in three titles is situated on a 2471sq m freehold site at 208-212 Pollen St, Thames’ main street.
The land, building and landlordowned fuel dispensing assets, but not the Gull fuel retailing business, are being marketed for sale by auction on Friday May 3 through Bayleys Hamilton.
The property has two entry/exits points off Pollen St, allowing freeflowing traffic movements into and out of the forecourt.
Salesperson Josh Smith said the location encompassed a concrete forecourt and straightforward canopy structure with pumps, underground storage tanks, vapour recovery lines and stand-alone automated car washing unit. It is serviced by an adjoining shop and reception with public bathrooms and separate staff amenities.
Gull New Zealand Ltd is on a current 10-year lease through to
2030, with a further five-year right of renewal, taking the potential final lease out to 2035 in its current format. The lease currently generates annual rental of $194,688 plus GST and operating expenses.
Gull’s fuel retailing hardware occupies 96sq m of the site, which is zoned Commercial under the Thames Coromandel District Council plan.
“Gull’s staffed customer service model for its Thames operation reflects the venue’s location in the heart of the town with most turnover and activity generated between
8am–6pm Monday through to Saturday, when the area’s population is in town conducting their normal retail and household business.”
The council has identified Pollen St for a multi-million dollar project to improve stormwater, wastewater and general water pipelines. More than $5 million has been set aside in council accounts for the project.
“From a long term-perspective, it is highly encouraging to see that the council readily acknowledges Pollen St to be the centre of economic and social activity in Thames,” Smith said.