A high-profile corner site in the tightly held North Shore suburb of Torbay with a national-brand tenant on a long-term lease will appeal to a range of prospective purchasers looking for a premier asset with passive income.
961 Beach Road in Torbay is a 1181sq m site that features an unmanned Gull service station with excellent street profile on a busy road that experiences a high volume of traffic.
Gull New Zealand Ltd is a wholly owned subsidiary of Ampol Ltd and has more than 100 unmanned, manned, and marina-branded sites around New Zealand. Ampol, formerly known as Caltex, is an ASX-listed company with a market capitalisation of nearly $7 billion.
The property is zoned Business – Mixed Use Zone under the Auckland Unitary Plan, a highly desirable designation for buyers given the flexibility available.
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Colliers brokers Shoneet Chand, Mike Ryan, and Matt Prentice have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 10 November, unless sold prior.
Gull began a new 10-year lease in April that returns $190,000 plus GST and operating expenses in net annual rental income.
The lease agreement includes annual increases of 2 per cent.
There are two further rights of renewal for five years each in place leaving a final expiry of 21 April 2041.
Chand, director of investment sales at Colliers, says this property shapes as an ideal bottom-drawer beachside investment.
“Service stations are a highly sought-after asset class that will appeal to a wide range of buyers given the low maintenance nature of these properties,” Chand says.
“This elevated site has considerable road exposure and features a national-brand tenant that has a long-term lease with favourable terms. This has all the hallmarks of a high-quality investment.”
Ryan, sales and leasing broker at Colliers, says Torbay is a fast-growing suburb that is experiencing extensive residential development.
“This property is located in a busy part of Torbay that will see it enjoy continued patronage, while the corner site offers convenient access for customers,” Ryan says.
“An adjoining greenfield development in neighbouring Long Bay will see approximately 2500 houses built nearby that will only add to the continued residential and economic growth in the area.
“Torbay is only 10km north-east of Albany and 18km north of Takapuna, while Auckland’s CBD can be reached in 25 minutes during normal traffic conditions.”
Prentice, director of sales and leasing at Colliers, says this property ticks a number of boxes for purchasers who are seeking an investment with long-term security.
“Assets of this nature rarely come to the market, particularly in tightly held locations such as this one and we expect there will be significant interest in this property,” Prentice says.
“The flexible zoning means there is scope for future development at this site and given the profile of the property, there are exceptional views of the surrounding area on offer.
“Long Bay Regional Park and a range of popular outdoor activities such as snorkelling, boating, kayaking, and diving are on the doorstep of the site.”
- Article supplied by Colliers
