Z Whakatāne is one of 23 businesses being marketed for sale by Colliers International.
The Kopeopeo service station is part of the NZ Energy Portfolio for sale.
The NZ Energy Portfolio spans the length of the country from Paihia in the Far North to Invercargill in Southland.
The portfolio returns some $3.5 million per annum from leases to the country’s largest transport energy company, Z Energy, on 21 of the properties, plus two operating under the Mobil and Waitomo Energy brands.
Investors are being offered the opportunity to purchase any number of properties, from a single service station through to the entire portfolio.
Offers by way of deadline private treaty close at 4pm on Wednesday 24 April, unless the properties sell earlier.
Jason Seymour, Capital Markets Director at Colliers International, says the portfolio represents a truly significant opportunity.
“This is a chance to secure some of New Zealand’s most visible and well-frequented properties across a geographically dispersed area,” he says.
“Each service station offers exceptional tenant covenant, a prime location and a long-term lease with locked-in rental growth.
“The vendor is a private investor who has built up a substantial service station portfolio as Z Energy divested some of its property assets.
“Due to the portfolio’s size and scope, the vendor is offering significant flexibility to buyers. Whether you’re after one investment property or looking to acquire or add to a nationwide portfolio, there are options to suit.”
Seymour says one option is to acquire a single property as a standalone investment. A second option is to purchase more than one property, perhaps selecting a regional grouping of properties. Finally, investors can purchase the complete portfolio.
There are 11 properties in the North Island, including in the Far North, Bay of Plenty, Gisborne, Hawke’s Bay, Manawatu, Taranaki and Wairarapa.
The other 12 properties are in the South Island, with half in Christchurch and the remainder in Blenheim, South Canterbury, Otago and Southland.
The portfolio offers a weighted average lease term of 6.43 years and a combined 2018 contract rental of more than $3.5 million.
Rental reviews include fixed increases of 2 per cent to 2.5 per cent a year, with market reviews either on renewal and/or every fifth, sixth or seventh anniversary.
The freehold properties, which have a combined site area of 6.14ha, are as below:
- Waitomo Paihia – 140 Marsden Road, Paihia
- Z Fairy Springs – 23 Fairy Springs Road, Rotorua
- Z Gisborne – 300 Gladstone Road, Gisborne
- Z Stratford – Cnr Broadway And Regan Street, Stratford
- Z Havelock North – 30 Havelock Road, Havelock North
- Z Heretaunga Street – Cnr Heretaunga St West & Southland Rd, Hastings
- Z Marton – 166 Broadway, Marton
- Z Ferguson Street – 374-378 Ferguson Street, Palmerston North
- Z Pioneer Highway – 676 Pioneer Highway, Palmerston North
- Z Masterton – 80 Chapel Street, Masterton
- Z Grove Road – Cnr Grove Road & Budge Street, Blenheim
- Mobil Riccarton – 33 Riccarton Road, Riccarton
- Z Addington – 250 Lincoln Road, Addington
- Z Templeton – 720 Main South Road, Templeton
- Z Brougham Street – 495 Brougham Street, Christchurch
- Z Linwood – Cnr Linwood Avenue And Cashel Street, Linwood
- Z Bryndwr – 52 Strowan Road, Bryndwr
- Z Caroline Bay – 62 Theodosia Street, Timaru
- Z Oamaru – 22 Severn Street, Oamaru
- Z Mosgiel – Cnr Gladstone Road And Quarry Road, Mosgiel
- Z Green Island – 185 Main South Rd Green Bay Dunedin
- Z Gladstone – 455 Dee Street, Invercargill