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Investors set to fill up as prized West Auckland service station site goes up for sale

Investors set to fill up as prized West Auckland service station site goes up for sale

The prominent freehold site occupied by a Z Energy service station on a 15-year lease has gone up for sale on one of West Auckland’s main arterial routes.

The property for sale at 4155 Great North Road, Glen Eden, is strategically situated amid a large residential catchment zoned for intensification.

The land and buildings are fully leased to NZX and ASX-listed fuel giant Z Energy. Known as Z Waikumete, the Great North Road service station’s current lease has 15 years to run, with further rights of renewal available which would extend final expiry out to 2053, if fully exercised.

A new owner stands to benefit from net rental income of $315,172 plus all outgoings and GST per annum. An upcoming CPI rent review means the exact amount will be confirmed upon the release of consumer price index figures.

The lease incorporates CPI rental reviews on each third anniversary of commencement, replaced by market reviews on each sixth anniversary including renewal dates.

Shoneet Chand and Caroline Cornish from Colliers are marketing the property at 4155 Great North Road, Glen Eden, Auckland, jointly with Bayleys’ Bill Lissington.

The property is for sale by deadline private treaty closing at 4pm on Wednesday 28 July, unless it is sold prior.

Shoneet Chand, Investment Sales Director at Colliers, says the service station sits on approximately 1,964sq m of fee simple land with improvements including a retail building, forecourt canopy and fuel storage and supply infrastructure.

“This modern 24-hour service station supplies premium, 91 unleaded and diesel fuels with efficient throughput facilitated by pay-in-app and pay-at-pump facilities, super-long hoses and a fast-fill diesel lane.”

The site is zoned Residential – Mixed Housing Urban under the Auckland Unitary Plan, a reasonably high-density zone enabling greater intensification of development.

The service station site is part of a master-planned development undertaken by Matvin Group, known as The Groves. Alongside 40 terraced homes and apartments, the mixed-use development provided design-led premises for Bestart Childcare, Anytime Fitness Gym, Burger King and eight other commercial tenancies. The project was completed in four stages over three years.

“For commercial property investors seeking a ‘hands-free’ passive investment, 4155 Great North Road will appeal as an opportunity underpinned by the sheer quality of the tenant and lease,” says Chand.

Lissington concurs, noting that Z Energy owns and manages more than 200 service stations, about 160 truck stops, pipelines, terminals and bulk storage infrastructure across New Zealand.

“With some 10,000 shareholders, Z Energy is a key player in New Zealand’s energy sector. The company has a more than 15 per cent stake in Refining NZ which runs New Zealand’s only oil refinery and a 25 per cent stake in Fly Buys operator Loyalty New Zealand,” Lissington says.

“As well as retail customers, Z Energy supplies fuel to large commercial users such as airlines, trucking companies, shipping firms and vehicle fleet operators, as well as providing bitumen to roading contractors. It is also the wholesale fuel supplier to the Caltex-branded retail service station network.

“Steady, reliable cashflow from a high-quality tenant is a key element in a purchasing investment decision that should not be overlooked in this competitive market,” says Lissington.

Caroline Cornish, Sales and Leasing Broker at Colliers, says the service station at 4155 Great North Road benefits from its strategic position amid a large, established residential community, with numerous car dealers and automotive shops nearby.

“With around 50m of frontage to one of West Auckland’s main arterials, the site enjoys outstanding exposure to approximately 40,000 cars passing daily.

“Of further advantage to the tenant, the neighbouring Burger King and Anytime Fitness Gym help to pull more fuel users to the property,” says Cornish.

“The site sits within easy reach of a range of major amenities, including Lynn Mall and West City Waitakere, each about 3.5km away. It is about 10 minutes’ drive from the Northwestern Motorway and approximately 14km from Auckland’s central business district.”


Related Experts

Shoneet Chand

Director

Auckland North

Shoneet has been involved in selling investment property for over 13 years and since 2015 he has been a Director in the Investment Sales Team at Colliers International, specialising in Investment & Development Sales across the wider Auckland region.

Over the past 8 years he has been one of the most successful investment sales brokers in Auckland with a track record of significant sales second to none. He has had considerable experience in dealing with international purchasers and has recently completed several deals with investors out of Asia, Europe and the Middle East. He has been involved in a number of large land sales and portfolio sales, including divestments for well-known brands like Z Energy, The Warehouse & Bunnings.

Shoneet has been the top broker in his market for both 2014 and 2015 while also placing in the top 10 brokers nationwide again for Colliers in 2016. In 2017, Shoneet transacted over $260 million of property and was ranked 2nd in New Zealand.

He was the top broker at Colliers in the 2018 financial year and a finalist for the Commercial & Industrial Salesperson of the Year award, which is judged nationwide across all agencies. In both 2019 & 2020 he was again ranked in the top 5 brokers nationwide for Colliers and was involved in over $300 million & $325 million of sales in each calendar year. 

Over the past six years, he has transacted over $1.5 Billion dollars in sales.

Notable Transactions over $10m include;

  • 2-4 Fred Thomas Drive, Takapuna -   $60,850,000
  • 33 Corinthian Drive, Albany  -   $50,500,000
  • 229 Dairy Flat Highway, Albany -   $33,000,000
  • Todd Industrial Park – Wellington -   $33,000,000
  • 9-11 Corinthian Dr, Albany -  $27,340,000
  • 44 Taharoto Road, Takapuna -   $27,270,000
  • 279-301 Lincoln Rd, Henderson -   $27,000,000
  • 11 Coliseum Drive, Albany -  $26,700,000
  • The Warehouse, Albany -   $26,400,000
  • LEP Childcare Portfolio-   $20,775,000
  • Farro Fresh/ASB Constellation Dr -   $25,500,000
  • Kmart Te Rapa  - $23,750,000
  • 1-11 Parkway Drive -   $21,000,000
  • Noel Leeming, Wairau Park -   $19,000,000
  • 5 The Warehouse Way, Northcote -  $19,000,000
  • Rapid Labels – William Pickering Dr -  $17,300,000
  • 16 Dinning Road, Riverhead -  $16,500,000
  • 35-45 The Strand, Parnell -   $16,100,000
  • 44 Arrenway Drive, Albany -   $15,300,000
  • 151 Lincoln Road, Henderson -    $15,250,000
  • 51 Corinthian Drive, Albany -  $15,150,000
  • 7-21 Kawana Street, Northcote -  $14,998,100
  • 124 Bush Road, North Harbour -   $14,950,000
  • 550 Te Irirangi Drive, Botany -   $14,200,000
  • PlaceMakers, Albany -    $14,000,000
  • 24 Oteha Valley Rd Extn, Albany -    $13,300,000
  • 217-227 Archers Rd, Wairau Valley -   $13,250,000
  • 44 Arrenway Drive, Mairangi Bay -  $13,117,116
  • 6 Canaveral Drive, Mairangi Bay -   $13,000,000
  • 119-121 Onewa Road -   $12,750,000
  • 3 Monahan Road, Mt Wellington -  $12,680,000
  • 155 Wairau Road, Wairau Valley -   $11,500,000
  • 13 William Pickering Drive, Albany -  $11,400,000
  • 14-18 Lovell Court, Albany -  $10,500,000
  • WCDL Development on Onewa Rd -  $10,250,000
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Caroline Cornish

Broker

Auckland West

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