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Corner site car yard and auction warehouse for sale
Media Release
1.6.2017
Corner site car yard and auction warehouse placed on the market for sale
The land and buildings housing one of Palmerston North’s biggest car yards and an adjoining hospitality venue has been placed on the market for sale.
The land and buildings at 201 – 203 John F Kennedy Drive house the outdoor display space and under-cover auction warehouse for NZ stock exchange-listed car dealership Turners Cars.
The 7,454 square metres of commercially-zoned land and 2,048 square metre warehouse also accommodate the licensed hospitality venue known as The Workshop.
The property generates a combined rental revenue of $246,829 plus G.S.T per annum, with the tenancy schedule consisting of:
· Turners Cars on a nine year lease paying $210,000 plus G.S.T per annum
and
· The Work Shop bar on a six year lease paying $36,829 plus G.S.T per annum.
The property is being marketed for sale at auction on June 28 through Bayleys Palmerston North. Salesperson John Looney said significant refurbishment work was recently undertaken on the building – whose clientele benefitted from a high-profile corner location.
“Turners has occupied the site for 19-years and has recently renewed its tenancy for a further nine years,” Mr Looney said.
Turners Group is the largest seller of cars, trucks and machinery in New Zealand. The Palmerston North operation is one of 19 branches nationwide. John F Kennedy Drive is one of Palmerston North’s main arterial routes – linking the city with the central business district.
Bayleys Real Estate
New Zealand
Bayleys is New Zealand's largest full-service real estate company. We offer expertise in the marketing and sale of a wide range of property, including residential real estate, farms and lifestyle blocks, and commercial and industrial property. This includes tourism and business sales such as hotels and motels. We also cover the real estate markets in Fiji and other Pacific Islands.
Bayleys also provides a complete property and facilities service including property management and valuations teams focused on achieving both Owner and Tenant satisfaction.
No other real estate company can match our breadth of coverage across all market sectors throughout New Zealand.
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