Portfolio of five service stations for sale

Established service stations with long-term leases in growth locations

Caltex Whangarei at 303-311 Western Hills Drive

A portfolio of five service stations in strategic, high-growth North Island locations is on the market through Colliers International.

The properties in Paihia, Whangarei, Dairy Flat, Rotorua and Tauranga are for sale by deadline private treaty closing at 4pm on Tuesday, 12 December, unless sold earlier.

All five properties are signed to 20-year, triple-net leases with fixed rental growth of 4 per cent every two years. The leases have 16 years remaining.

Marketing brokers Shoneet Chand, Matt Prentice and Sean Honeycombe say the service stations are for sale either individually or as an entire portfolio.

“This is an outstanding opportunity to secure one or more high-profile service stations, each strategically located in high-growth regions around the North Island,” Chand says.

“The portfolio has been structured as a passive, long-term investment offering built-in rental growth, hands-free management and lucrative locations.”

Catlex Diary Flat at 1433 Dairy Flat Highway, Auckland

Chand says the portfolio currently returns $765,771 net per annum plus GST, with individual leases ranging from $122,653 to $186,900 per annum.

The northernmost property in the portfolio is the Caltex service station at 10 Puketona Road, Paihia – one of only two service stations in the poplar Bay of Islands tourist town.

Chand says the property is currently returning $122,653 net plus GST in annual rent.

“Located on the main road in and out of Paihia, directly across the road from the only supermarket in town, this station services the local population and the large seasonal influx of tourists and travellers,” he says.

“The 2,586sq m freehold property has a net lettable area of 639sq m, with 24 fuel pumps under a forecourt canopy, a retail area, a tyre bay and workshop, and a first-floor, four-bedroom residential flat.”

The Whangarei property, located at 303-311 Western Hills Drive, comprises a 210sq m Caltex service station on a 3,093sq m freehold site.

Caltex Tauriko at 782R State Highway 29, Tauranga

Chand says the property is returning $186,900 net plus GST in annual rent.

“With its road front position on Western Hills Drive – the main arterial route travelling north from Auckland – this service station benefits from huge exposure and traffic flow,” he says.

“The property has 24 fuel pumps under a large forecourt canopy, a retail area, a carwash, a freestanding LPG installation and a small storage shed.”

The Diary Flat property, located at 1433 Dairy Flat Highway, comprises a 214sq m Caltex service station on a 3,690sq m freehold site.

The property is currently returning $163,538 net plus GST in annual rent.

“Boasting a large corner profile in fast-developing Dairy Flat, north of Auckland, this service station has huge exposure to Dairy Flat Highway,” Chand says.

“The property offers 23 fuel pumps under a large forecourt canopy, plus a four-pump diesel truck stop catering to the local traffic.

“A retail kiosk and fenced LPG tank and gas bottle depot round out the offering.”

The Rotorua property, at 520 Te Ngae Road, is being co-marketed by Mark Rendell of Colliers International’s Rotorua office.

Rendell says the 198sq m Caltex service station, on a 2,536sq m freehold site, is returning $146,340 net plus GST in annual rent.

“Caltex Te Ngae is the nearest service station to Rotorua Airport, and benefits from being part of the wider Te Ngae shopping centre, which is home to a variety of local and national tenants,” he says.

“The service station has 22 pumps under a large forecourt canopy, a retail area, a carwash, and a fenced LPG tank.”

The Tauranga property, at 782R State Highway 29 in Tauriko, is being co-marketed by Simon Clark of Colliers International’s Tauranga office.

Clark says the 248sq m Caltex service station, on a 3,098sq m freehold site, is returning $146,340 net plus GST in annual rent.

“The property offers huge exposure and is strategically located in one of Tauranga's fastest-growing areas,” he says.

“Caltex Tauriko benefits from being the first service station on the western side of Tauranga, approaching the city.

“The Tauriko area itself is currently experiencing huge residential and commercial growth, with the burgeoning Tauriko Business Estate on the doorstep of the property.

“Tauriko is easily accessed from all directions, with excellent state highway linkages to and from Tauranga’s CBD and port, Hamilton, Auckland, Rotorua, Te Puke and Whakatane.”

The property offers 24 fuel pumps under a large forecourt canopy, two diesel truck pumps, a retail area and workshop.

Chand says interest in the portfolio is expected to be strong, given the good tenant covenant, long-term leases, high-growth locations, fixed rental increases.

“The landlord has instructed us to present all offers, so take your pick or invest in all five.”

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