Tauriko service station for sale with long lease and fixed rental growth
A high-profile service station in Tauranga’s popular Tauriko commercial precinct is being put up for sale with a long lease and locked-in rental growth.
Caltex Tauriko is prominently located on State Highway 29 – a key arterial route between Tauranga and the North Island’s other Golden Triangle regions of Waikato and Auckland.
It is on a 20-year triple-net lease to a Caltex-branded service station operator, with 14 years remaining on the current term.
The lease returns $152,532 from 1 November, with rental growth fixed at 4 per cent every two years.
The property has a net lettable area of 248sq m on a 3,098sq m freehold site.
It comprises a forecourt canopy, a Fix-branded retail shop with an area subleased to a Subway sandwich franchise, and truck fuelling facilities at the rear.
Colliers International is marketing 782R State Highway 29 for sale by deadline private treaty closing at 4pm on Thursday 21 November, unless it sells earlier.
Tauranga Broker Rachel Emerson says it is strategically located in an area experiencing huge residential, commercial and industrial growth.
“Tauriko is a popular location thanks to the burgeoning Tauriko Business Estate and Tauranga Crossing shopping centre.
“Further residential growth in the area is likely with the proposed Tauriko West residential plan change, which would allow several thousand planned new homes to be constructed.
“This property is well located to benefit from this growth. It is the first and last service station as you travel to and from Tauranga via SH29, which goes over the Kaimai Ranges to the Waikato and towards Auckland.”
The Bay of Plenty, Waikato and Auckland regions form the sought-after Golden Triangle area, which is home to half of New Zealand’s population.
The Golden Triangle produces 50 per cent of New Zealand’s GDP and is where both main sea ports are located, at Auckland and Tauranga.
Simon Clark, Director of Colliers Tauranga, says the service station is expected to attract investor interest from around New Zealand.
“The property’s location in the coveted Golden Triangle, along with its national-brand tenant on a long lease with fixed rental growth, makes this an impeccable bottom-drawer investment.”
Get the latest commercial real estate insights and property news.