The strategic site underpinning Tauranga’s newest service station is up for sale with a long-term ground lease to a national fuel supplier.
The high-profile freehold corner site of more than 1,750 square metres in Judea is well positioned to service busy commuter traffic flows between the western suburbs and city centre.
Tenant Gull New Zealand is constructing an unmanned service station on the Birch Avenue land with a future-ready mix of eight bowsers, along with modern underground storage infrastructure. The facility, offering 24/7 pay-at-pump convenience, is due to operate from early March.
The Judea service station will add to Gull’s network of more than 100 unmanned, manned and marina fuel sites across New Zealand.
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Gull occupies the site on a new 10-year ground lease which commenced in December, with three further seven-year rights of renewal.
The lease will earn new owners an annual net rental return of $237,500 plus all outgoings and GST at commencement, with built-in rental growth.
The freehold property at 15 Birch Avenue, Judea, Tauranga, will go under the hammer at an auction on Wednesday 18 March, unless sold prior.
It is being marketed for sale by Mike Houlker, Brendon Bradley and Lynn Bradley of Bayleys Real Estate.
Houlker said all service station improvements on the site would be fully owned, installed and maintained by Gull.
“This means new owners will benefit from a passive, low-maintenance investment structure, supported by a robust national tenant covenant.
“With strong locational fundamentals, excellent access and a future-ready fuel model, 15 Birch Avenue stands out as a lucrative long-term investment asset and an attractive addition to a commercial property portfolio.
“Corporate tenanted investments of this calibre with such a lucrative land rental return are seldom available in the Tauranga market,” said Houlker.
Brendon Bradley said the approximately 1,752-square-metre site’s suitability for a high-volume fuel station was underpinned by extensive dual frontage and access from Birch Avenue and Palm Grove, plus exposure and near-adjacent access to key arterial Waihi Road.
“Centrally located with direct links to State Highway 2 and State Highway 29, it connects seamlessly to Tauranga’s city centre and port, Mount Maunganui and the wider Bay of Plenty,” he said.
Lynn Bradley said the Industry-zoned site benefitted further from a position within one of the city’s core industrial precincts.
“Judea’s popularity has soared in recent years as businesses seek a well-connected base close to expanding commercial and residential catchments in one of the country’s fastest growing population centres.
“A strong mix of regional and national operators have long called this precinct home, with established occupiers including Carters Building Supplies, Resene Paints, Supercheap Auto, Plumbing World and Snap Fitness,” Lynn Bradley said.
- Supplied by Bayleys
