The land and buildings housing a regional ‘boutique’ self-storage business – with the potential to quadruple its operations through the expansion or addition of new amenities – have been placed on the market for sale.
The freehold property and building infrastructure, along with the self-storage business known as Store4U, are located on the fringe of Waihi’s central business district, at the base of the Coromandel Peninsula.
Sitting on approximately 5,012-square metres of flat land zoned rural under the Hauraki District Council plan, the suburban premises consists of a converted high-stud barn-like warehouse, and an adjacent standalone garage, which were both constructed in the early-2000s.
The 385-square metres of buildings used for self-storage are encircled by bare grassed paddocks which are accessible off the property’s central sealed driveway.
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The freehold land and buildings at 14 Walmsley Road in Waihi, along with the going concern Store4U business, are now being marketed for sale at auction on October 31 through Bayleys Ngatea.
Salesperson Josh Smith said the Store4U business could easily continue in its current ‘boutique’ state as a hobby business, or could be substantially developed into a sizeable commercial entity.
“With appropriate council consents, the development opportunities for the site are varied. For example, the self-storage capacity could be enlarged in either a warehouse format with multiple variously sized units contained under one roof, or the underutilised bare land could be metalled as a yard, and individual shipping containers brought onto site for self-storage leasing,” he said.
“Within the Walmsley Road site, the containerised self-storage format – either at 40 or 60-foot sizes – would appeal to ‘tradie’ owner-operators such as electricians and plumbers who predominantly operate from their van with a mobile phone, but need somewhere to store supplies which can be easily accessed after hours or on weekends to respond to emergency callouts,” Smith said.
“Store4U has the additional benefit of being handily located immediately adjacent to Waihi’s residential and commercial zones, yet is neighboured by pastureland.
“Meanwhile, there is also ample room to lease parking space for the likes of motorhomes and large caravans – enhanced by Waihi’s location as a pivotal point for holiday destinations to the north up both sides of the Coromandel Peninsula, the Bay of Plenty to the south, or the Central North Island to the south-west.
“Alternatively, with Waihi Beach just 10-kilometres away, and Athenree/Bowentown just a few kilometres further down the beach, yard parking could be leased to accommodate recreational boats and yachts.
“The installation of shipping containerised units at Walmsley Road, or leasing recreational vehicle parking would obviously transform Store4U’s operations and substantially increase revenue potential,” Smith said.
Comprising 36 storage units ranging in size from seven-square metres to 30-square metres, Waihi’s Store4U business has the potential to generate revenues of up to $1,000 a week when fully tenanted in its current format.
The larger barn-style warehouse premises at 14 Walmsley Road also features a comfortable single-level one-bedroom owner/manager’s dwelling. Smith said that the positioning of the residential component within the property, meant that with council consenting, additional bedrooms and living areas could be added.
Off-site self-storage for regional New Zealand businesses really came to the fore during the Covid-19 period of 2020, and well into early 2022, when many small provincial businesses grappled to deal with supply chain continuity of product – the most public of which was of course the gib board shortage which saw supply of the building product become intermittent, and forced tradies to stockpile gib as and when they could source it, Smith said.
Simultaneously, self-storage amenity use has been a constantly growing industry in New Zealand over the past two decades as leisure habits and pursuits increased, or as businesses made the most efficient use of their premises by storing equipment and stock off-site. Store4U began life as a storage facility for the current owner’s tools, machinery, and recreational craft, before evolving into a reliable commercial enterprise.
A survey by AA Insurance found that five percent of the 1,100 Kiwis they surveyed paid for off-site storage of their goods and possessions. The survey highlighted that furniture and household items were the most common items kept in storage by Kiwis – as indicated by 67 percent of respondents, followed by sports equipment at 34 percent, and tools and equipment indicated by 30 percent of respondents.
The AA Insurance survey also noted that a substantial proportion of storage unit users – some 30 percent – utilised the service for more than three years.
Waihi is one of the biggest service towns in the Hauraki Plains/Lower Coromandel districts – foremost sustaining the nearby Waihi Beach/Athenree/Bowentown coastal residential communities, as well as the surrounding rural population. Waihi is on one of the main arterial tourist routes, State Highway 2, which links the Northern Bay of Plenty with Auckland.
- Supplied by Bayleys
