The prominent land and building housing a provincial rural branch of one of New Zealand’s most well recognised fast-food chains has been placed on the market for sale.
The purpose-built property in Paeroa in the Hauraki Plains south-east of Auckland and north-east Hamilton is tenanted by high profile filled roll and salad retailer Subway, which makes the most of its modern clean-lined decor sustaining both indoor and outdoor dining options for customers.
Founded in North America in 1965 and now a global brand with more than 44,000 world-wide locations, Subway has some100 sites across New Zealand – stretching from Whangarei in the north, to Invercargill in the south, and strategically operating in locations where there is strong foot and vehicle traffic passing outside its stores to sustain turnover.
Rebuilt in 2014 to new build standards, Subway Paeroa at 129 Normanby Street comprises a single-storey 108-square metre building sitting on some 268-square metres of rectangular-shaped freehold land zoned for commercial use under the Hauraki District Council Plan.
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The flat land and attractive building at 129 Normanby Road in Paeroa are now being marketed for sale at auction on December 5 through Bayleys Ngatea.
Salesperson Josh Smith said the premises was located in Paeroa’s main street, part of the State Highway 2 route, in a block of retail outlets which also included a liquor store, pizza and burger outlet, and café/restaurant.
Subway Paeroa is currently on a six-year lease with two further six-year rights of renewal, paying annual rental of $25,762 plus GST and operating expenses.
Other nationally-brand fast-food outlets located in Paeroa include Pizza Hutt and McDonalds, in addition to multiple stand-alone food operations – all uniting to make the township a stop-off eating destination.
“The Subway premises has a prominent road frontage and is part of a food and beverage hub which is well supported by both Paeroa locals, and by travellers passing through the town – which is a gateway between Auckland and the Eastern Coromandel and the Bay of Plenty, thereby enjoying high traffic volumes,” said Smith.
“Overlooking a wide footpath under a substantial portico, 129 Normanby Road has a street-facing al-fresco alcove with low maintenance solid stone tables and bench seating occupying the entire width. The space serves as a lockable area for added security when the business is closed.
“Inside, there is additional bench-style seating, along with a full commercial kitchen with refrigeration units and cooking amenities. There are also two toilets, one of which is disability accessible. Rebuilt specifically to Subway’s design requirements when the tenant moved in, the positioning of the servery bench, drinks cabinets, and till area are laid out to maximise an efficient customer flow in a compact easy-care space.”
Extensive angled customer vehicle parking is available immediately outside the property along Normanby Road/State Highway 2, while the rear of the building has parking for five staff vehicles, and is accessible via a sealed vehicle laneway coming off Princess Street, with a staff door leading into the kitchen.
“The Normanby Road property is very much being marketed as a ‘hands-off’ investment, with the tenant Subway taking a great deal of pride in maintaining the building’s street appeal – including the large signage sitting on the roof – and its internal dining facilities and extremely hygienic food prep’ and storage spaces,” Smith said.
Hauraki District Council’s Long-Term Plan 2021-2031 forecasts that the authority’s catchment area, which includes Paeroa, will continue to experience population growth for the next 30-years.
“In the longer term, we (Huaraki District Council) have undertaken our infrastructure planning based on the high growth scenario because we believe people from other areas in New Zealand will continue to move to our district,” said the report.
Smith said Paeroa’s population growth was underpinned by significant residential expansion already underway at two housing subdivisions within the town which will see some 700 new residential dwellings being built over the coming years.
“And of course the town now has an ingrained reputation for being at the heart of the Hauraki Rail Trail used by tens of thousands of riders cycling along the route annually – with the Paeroa to Waihi stretch through Karangahake Gorge in particular being one of the busies cycle trails in New Zealand thanks to its easy riding picturesque track and beautiful riverside and gold mining history scenery,” he said.
- Supplied by Bayleys
