The main-road site housing a refurbished BP service station on a long lease has gone up for sale in a Northland location with few local competitors.
Positioned on a high-profile corner site in Moerewa, the BP 2go and truck stop is the town’s only commercial service station.
Its location on State Highway 1 between Kawakawa and Kerikeri offers excellent exposure to all northbound through-traffic as well as residents and workers at the local meat works.
The freehold land and buildings for sale at 48-50 Main Road, Moerewa, sustain a service station operation with petrol and diesel pumps and a truck stop, along with a shop and ATM.
Start your property search
The service station has nearly 12 years to run on the current lease term with a further five-year right of renewal which, if exercised, would extend to 2038.
The property generates net rental income of $92,787 plus outgoings and GST per annum, with fixed annual 1 per cent rent increases and three-yearly market reviews.
The land and buildings are being marketed for sale by Tony Chaudhary, Amy Weng and Janak Darji of Bayleys Real Estate.
Sale will be by deadline private treaty closing on Thursday 25 November, unless the property sells earlier.
Chaudhary said the site for sale comprised approximately 2010sq m of commercial-zoned land across two freehold titles.
“The property houses six fuel pumps in three side-by-side bays plus a truck stop, with a canopy of some 314sq m and an approximately 175sq m retail store. The structures have an A-plus Initial Evaluation Procedure seismic rating of over 100 per cent of new building standard.
“The tenant recently installed two near-new 50,000-litre underground fuel storage tanks. The forecourt canopy has been upgraded and the store enlivened with a fresh, modernised internal fitout.
"A small yard is also available to the rear of the site,” said Chaudhary.
Weng said the property lay to the western end of Moerewa’s main commercial strip, at the corner where Main Road/State Highway 1 meets Marshall St.
“The service station benefits from about 40m of frontage and two entry and exit points on State Highway 1, plus frontage and access from Marshall St.
“The site is well-located to serve the surrounding Moerewa residential catchment, being the only service station in town.
"The nearest competitor is in Kawakawa, several kilometres to the east.
“Located about 60km northwest of Whangarei, Moerewa is a rural service town sustained by local forestry, farming and meat works industries.
Workers at the town’s large AFFCO meat plant add significantly to the local residential catchment,” said Weng.
Chaudhary said Moerewa’s strategic position just south of where State Highways 1 and 10 merge at Pakaraka ensured all traffic heading north passed through the town centre.
“This provides the Main Road BP site with direct exposure to thousands of passing vehicles. Moerewa also benefits from its proximity to the established visitor hotspots of the Bay of Islands, being 20 minutes’ drive from Kerikeri and Bay of Islands Airport and a similar distance from Paihia.
“Northland has seen renewed growth and diversification in its tourist economy, supported by recent developments such as the Pou Herenga Tai - Twin Coast Cycle Trail, which passes Moerewa en route from Opua to Hokianga Harbour.
“With a big-brand service station tenant in position here on a long-term lease, and rental growth locked in, this property will make Moerewa a centre of attention for passive commercial property investors seeking a strong cashflow,” said Chaudhary.
- Article supplied by Bayleys
