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Pump up your portfolio with up to eight service stations

Pump up your portfolio with up to eight service station

An eight-service station portfolio with blue-chip tenant Gull with a weighted average lease term of 11 years represents an unrivalled opportunity that will provide long-term security for buyers in a market starved of future-proofed investments.

Often regarded as a prime example of a safe and secure property investment given the land extensive nature of service stations that sit within strong demographic catchments, the certainty on offer for purchasers with these sites makes for one of this year’s most highly anticipated investment opportunities, according to the brokers marketing the properties.

The eight sites are spread across the North Island from Wellsford in Auckland to Waipukurau in Hawke’s Bay and the properties can be purchased either individually or as a combined offering.

All are locked into identical 15-year leases to Gull New Zealand Limited, a wholly owned subsidiary of ASX-listed Ampol, that commenced in 2017 and expire in 2032. The lease terms offer annual fixed rental growth of the greater of either CPI or 2 per cent.

The total site area is 17,856sq m across the eight properties, returning $1,403,473 in net rental income. All above and below ground service station improvements are managed by Gull, making this a low maintenance, passive investment option.

Colliers has been exclusively appointed to bring these sites to the market and expressions of interest are to be lodged at the offices of Colliers, HSBC Tower, Level 23, 188 Quay Street, Auckland or via email to the nominated brokers before 4pm, Thursday 26 August.

Looking at the sites geographically from the top of the island, 207 Rodney Street in Wellsford, Auckland has a land area of 2,913sq m and returns $126,086 in net annual rent comprising $122,964 from Gull and $3,121 from the neighbouring Four Square supermarket, which uses the site for parking.

Nigel Ingham, Director of Colliers Whangārei, says Wellsford is a growth hot spot.

“This site represents the ideal bottom-drawer investment, while the continued urbanisation of Wellsford means it will enjoy healthy patronage for years to come,” Ingham says.

The 2,547sq m site at 258 Forrest Hill Road in Forrest Hill on Auckland’s North Shore is in a strategic location on a high-profile corner site returning a total of $343,462 in net annual rent. This is comprised of $205,662 from Gull and $137,800 from German Motors Limited operating as Auto Super Shoppe Forrest Hill.

Prominently placed, 125-127 Mokoia Road in Birkenhead, Auckland has a land area of 1,942sq m and returns $290,621 in net annual rent.

Heading south of the Bombay Hills, 59-61 Queen Street in Waiuku has a land area of 1,012sq m and a net annual rent return of $119,068.

Brokers from the South Auckland, CBD and North Shore offices at Colliers Matthew Barnes, David Burley, and Shoneet Chand all agree these properties represent a blue-chip purchase that will see buyers looking to acquire one, multiple or all of the properties on offer.

“Opportunities to acquire such a well-recognised, low maintenance portfolio or service stations of such significant size with attractive lease terms rarely come to the market,” the trio says.

“The land holdings on these sites offer potential for development in the future and we expect to hear from a wide-range of potential purchasers from across the region.”

15 Hampton Downs Road in Hampton Downs, Waikato boasts a land area of 4,133sq m and provides $108,243 in net annual rent, while offering great access from the motorway.

David Palmer, Investment Sales Broker at Colliers Hamilton, says this is a strategically positioned site for consumers.

“This location is the second-to-last petrol station off State Highway One before the Auckland regional fuel tax kicks in, making it a high-volume site,” Palmer says.

“Its proximity to the Hampton Downs Motorsport Park is yet another tick in the box for an attractive investment.”

The Gull site at Tauriko in Tauranga comprises 2,000sq m on land at 757 State Highway 29.

This is another split-risk investment with a total net annual rental income of $125,582 with $109,668 coming from Gull and $15,914 from Coffee Empire who operate a takeaway coffee service on the site.

Simon Clark, Managing Director at Colliers Tauranga, says Tauriko’s popularity and exceptional growth in recent years has boosted demand with many properties in the area tightly held.

“This high-profile site is situated on the busy State Highway 29 with high traffic numbers traveling in and out of town over the Kaimai Ranges to and from the Waikato,” Clark says.

“It is also close to the vibrant Tauriko Business Estate and new Tauranga Crossing shopping centre, while the upcoming Tauriko West residential subdivisions are nearby.”

The final two sites are in Hawke’s Bay with 814 Omahu Road in Frimley, Hastings, and 15 Herbert Street in Waipukurau.

814 Omahu Road has a land area of 2,308sq m and returns $192,780 in net annual rent. There is also a sub-lease agreement to Night ‘n Day Foodstore Limited for a busy convenience store located on the site.

15 Herbert Street has a land area of 1,001sq m and returns $97,631 in net annual rent.

Danny Blair, Director at Colliers Hawke’s Bay, says both locations enjoy significant traffic volumes due to their positioning.

“The Gull at Omahu Road is part of a tightly held area of Hastings with the nearby industrial, agricultural, and horticultural sectors providing plenty of potential customers. It is also only a short drive to the Hawke’s Bay Expressway,” Blair says.

“The Waikpukurau site offers easy access and is the first service station coming into central Hawke’s Bay when heading south on State Highway 2.”

Ampol, formerly known as Caltex, is an ASX-listed company with a market capitalisation of nearly $7 billion and has a network of 1,900 service stations throughout Australasia.

Gull petrol 1


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Nigel is a proud Northlander with a true passion for the region. It is in his blood.

                      Nō Peria ahau

                      Ko Maungataniwha tōku maunga

                      Ko Tokerau tōku moana

                      Ko Māmaru tōku waka

                      Ko Ngāti Kahu tōku Iwi

                      Ko Nigel tōku ingoa

 

Nigel focuses on sales and leasing of commercial property across the region, including industrial, office and retail assets from Wellsford through to Kaitaia, including Dargaville, Kerikeri, Kaikohe, Paihia and everywhere in between.

Nigel’s career in commercial real estate started 1996 with a chance meeting of Colliers Managing Director and current CEO, Mark Synnott. Nigel had previously owned and operated a car cleaning business, of which Mark was a client. Upon selling the business, Mark offered Nigel a role at Colliers.

Having started his own business from scratch, Nigel easily related to commercial property clients – the businesspeople that occupy (own or lease) commercial property. Nigel quickly established himself as a key industry expert in the Auckland commercial real estate market.

In 2009 Nigel took up the opportunity to relocate to China to drive Colliers industrial real estate business. Nigel successfully grew Colliers’ business in China as well as learning to speak, read, and write Chinese (我会说中文,我会读汉字还有我会写汉字。但是我现在搬回新西兰了,所以我的中文没有那么好)

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  • Todd Industrial Park – Wellington -   $33,000,000
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  • 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
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  • 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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