The main street land and building housing one of New Zealand’s most instantly recognisable fuel retailing brands alongside a long-running and well-patronised provincial automotive repairs shop have been placed on the market for sale.
The corner site property in the centre of Whitianga on the Coromandel Peninsula contains the town’s Gull fuel station in addition to a separate car repair workshop and stand-alone tyre retailing outlet.
Combining four land titles, the 2,066-sqaure metre block is located on the intersection of Monk Street and Mill Road – with the three separate tenancies complementing each other’s core business activities.
The property is in a strategic location, with Monk Street being Whitianga’s main throughfare and linking the township to the wharf and ferry precinct.
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Gull runs a multi-model fuel retailing network at more than 100 sites across New Zealand, in which there are three site models – unmanned, manned and marinas. The Gull fuel retailing brand is owned by Caltex Australia.
Gull has been operating from the Monk Street site in Whitianga since 2006 and runs five fuel pumps serviced by a forecourt shop selling a selection of car maintenance fluids in addition to the standard shelves packed with snack foods and beverages.
Meanwhile, neighbouring Peninsula Tyres is a locally owned and operated tyre retailer running multiple work bays used for fitting and balancing tyres for cars, trailers, trucks, and farm equipment, in addition to running a call-out service.
Adjoining locally owned Charlies Workshop automotive repairs and warrant of fitness garage has been conducting business from its location for 21 years. Its portion of the property is accessed through two high roller doors off Mill Road leading directly onto the garage floorspace, and also contains a vehicle parking area to the side off the building.
Sitting on some 2,056-square metres of flat square-shaped land zoned commercial 8B under the Thames Coromandel District Council plan, the three tenancies on the block generate annual rental of $134,830 plus GST and operating expenses, and encompass:
-Gull Whitianga on a current lease running through to 2026 at its single-storey premises
-Peninsula Tyres on a current lease running through to 2025 at its single-storey premises
-Charlies Workshop on a current lease running through to 2029 at its two-storey premises with offices and staff amenities on the upper floor.
The prime freehold land and building at 7 Monk Street in Whitianga are now being marketed for sale by tender through Bayleys Hamilton, with the tender process closing on March 10.
Salesperson Josh Smith said the property and its trio of retail tenancies delivered a split-risk investment opportunity, with the benefit of development potential to increase returns.
“A sealed 516-square metre portion of the property on its own title is currently undeveloped and is used for vehicle parking. It was previously utilised by energy brand Rock Gas for cylinder storage. There is the potential, subject to council consents, to add a new industrial-focused premises on this site - which has direct road frontage onto Monk Street,” Smith said.
“Development of a purpose-built industrial premises to house the likes of an auto-electrical business, marine craft servicing garage, or panel beating and painting workshop would further compliment the existing automotive theme of this prominent block.
“This avenue also opens up the aspect of the site being purchased by an owner-occupier with existing operations in any of these automotive business fields to combine both a tenancy and property investment model underpinned by revenues from the current trio of commercial leaseholders.
“The one vacant section of the site could also be developed into a multi-storey residential block, subject to council consent.”
The 814-square metre building at 7 Monk Street housing the three tenancies is constructed of concrete block walls, with steel beams supporting an angled corrugated iron roof typically seen in such automotive premises in New Zealand.
- Article supplied by Bayleys
