The main street premises of a BP service station and a national-brand tyre service have gone up for sale in the fast-growing Bay of Plenty town of Te Puke.
The freehold property housing BP 2go Te Puke and Carter’s Tyre Service sits prominently on Jellicoe Street, the main route into the town centre which doubles as the Pacific Coast Highway.
The nearly 3,000-square-metre site is fully leased to SRI Energy Limited, trading as BP 2go, generating an annual net rental return of $136,945 plus GST and all outgoings. The current lease term runs through to 2024, with further rights of renewal available through to 2039, and annual rent reviews alternating between market and CPI.
The tyre service premises are occupied under a sub-lease at $24,000 plus GST and 20 percent of total outgoings, paid to the main tenant.
Open from 5am to 11pm daily, BP 2go Te Puke offers a range of petrol and diesel fuels, plus convenience retail and food sales, disabled facilities, a workshop and trailer hire.
Global fuel giant BP has operated in New Zealand since 1946. Today it has more than 200 service stations across the country and directly employs 2,000 people.
Carter’s Tyre Service was established over 35 years ago and has grown into a leading tyre specialist with more than 45 stores nationwide. Its Te Puke store caters to vehicles ranging from family cars to boat trailers, trucks, buses and agricultural vehicles, as well as providing business fleet solutions.
The property at 25 Jellicoe Street, Te Puke, is being offered for sale through Rory Brown, Christy Arundel and Lloyd Davidson of Bayleys Tauranga.
It will go under the hammer at an auction on Wednesday 28 June, unless sold prior.
Brown said the buildings housing the service station and tyre service had a combined floor area of some 412 square metres.
The premises are underpinned by approximately 2,932 square metres of commercially-zoned freehold land over two titles.
“Remodelled in 1984 and upgraded in 2014, the property features smart service station premises with a small retail block and workshop, plus forecourt and canopy areas, along with an adjoining tyre workshop with dual front roller door access.
“The tenant businesses are well served by two access points from Jellicoe Street, plus additional rear vehicle access off Tom Baikie Lane,” said Brown.
Arundel said customer demand for the service station and tyre service was underpinned by their high-profile location in a regional boom town.
“Visibility is maximised by over 35 metres of frontage to Jellicoe Street, Te Puke’s main shopping street and, doubling as the Pacific Coast Highway, the main route carrying traffic through the town.
“The site for sale borders an area zoned for medium-density housing intensification in what is already a rapidly growing town. It’s also handy to major routes providing easy access to Tauranga, Mount Maunganui, Papamoa and Rotorua,” said Arundel.
Renowned as a ‘horticultural capital’, Te Puke is a vital service centre for prosperous surrounding kiwifruit and avocado orchards, dairy farms and lifestyle blocks.
Davidson said the town’s population had soared by around 40 percent over the past 10 years, to an estimated 10,000 residents.
“This has been driven partly by the arrival of residents from nearby Tauranga in search of more affordable housing.
“Te Puke’s location on the edge of the booming ‘Golden Triangle’ linking Tauranga, Auckland and Hamilton also positions it well for future growth as the region reaps the rewards of infrastructure projects designed to drive economic development,” Davidson said.