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Premier passive investment opportunity in Torbay

Premier passive investment opportunity in Torbay

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 1,181sq 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 Limited are a wholly owned subsidiary of Ampol Limited and have more than 100 unmanned, manned, and marina-branded sites around New Zealand as part of a network that includes 1,900 service stations throughout Australasia. 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.

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 New Zealand 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.”

Mike 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 2,500 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.

“We encourage all interested parties to do their due diligence and contact the sole agents immediately.”


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
View expert

Mike Ryan

Broker

Auckland North

Mike is a member of the Colliers North Shore team having started there in 2007 and with a focus on the local Industrial market. Covering both sales and leasing he is well known and respected by landlords, tenants, investors and developers and has worked with all these parties to assist with their commercial property requirements. Over his years in business Mike has been both a tenant and investor giving him a good understanding of the market and a wide range of skills to assist clients.

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Matt Prentice

Director

Auckland North

Matt joined Colliers International in 2006 with a focus on mid to upper end industrial & investment transactions.  Specialising in tenanted investments, occupier representation through to vacant land / building sales on the North Shore, Matt was promoted to a North Shore Director in 2015.

In 2011 and 2012 Matt was awarded the "Golden Gavel" for Colliers New Zealand as the most successful auction sales broker across Colliers New Zealand. Matt has been the number one North Shore sales and leasing broker, 2011, 2012 and 2013.  In 2012, was a top 20 performer across Colliers New Zealand and has over $550 million of sales since joining colliers International.

In 2013, Matt was in the top 10 Highest Performing Brokers Nationwide and in 2014, he had a record year completing more than 50 transactions, and  finished in the top 10% of brokers in New Zealand.

In 2015, Matt completed over 60 transactions, more than any broker North of the Bridge, again finishing in the Top 20 brokers in New Zealand.

In 2016, Matt had a record year finishing top 10 in the country and was the top broker on the North Shore. 

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