Property investors set to launch their bids for boat display yard and storage garages site
The land and buildings housing one of Rotorua’s biggest marine sales and service centres, along with a neighbouring row of commercially-operated terraced self-storage garages, has been placed on the market for sale.
The corner property at Ngapuna sits on the intersection of Te Ngae Road and Hamiora Place, and consist of some 4,721 square metres of freehold land passed by more than 37,000 vehicles daily. Te Ngae Road, State Highway 30, is the main arterial route east of Rotorua.
The bulk of the fenced and gated property is leased to Telfer Marine which operates multiple business activities from the site – ranging from selling a selection of pleasure craft boats, along with a full workshop servicing and repairing outboard motors and on-board operational systems, through to a retail outlet selling boating parts and chandlery equipment.
In addition to the Telfer Marine tenancy, the Ngapuna property features 19 lock-up self-storage sheds – many of which are used to house vessels regularly serviced by Telfer Marine.
The property at 236 Te Ngae Rd and 5 Hamiora Place is being marketed for sale at auction through Bayleys Rotorua at 10.30am on August 8. Bayleys Rotorua salespeople Mark Slade and Brei Gudsell said Telfer Marine occupied some 838 square metres of buildings on the flat rectangular site, while the storage units consisted of 656 square metres of buildings.
“Telfer Marine is the only boat yard and sales and servicing centre on the eastern side of Rotorua, and is conveniently located near the Tarawera Road roundabout for easy access to the both the lakes region and State highway 30 which leads on to Tauranga and Whakatane,” Mr Slade said.
“That convenient location is why many of the storage garages are attractive to boat owners.
“Additionally, customers of Telfer Marine have easy access to ample free parking immediately outside its Hamiora Place entrance.”
Telfer Marine is currently on a new 10-year lease running through to 2027 generating annual net rental of $108,000, with three further five-year rights of renewal. The company markets itself as stocking Rotorua’s largest range of ski biscuits, tubes, wakeboard, and skis. It is also sponsors the Rotorua Waterski Club.
Ms Gudsell said the 19 storage sheds were occupied on a mix of weekly and monthly tenancies, and were currently returning a gross annual revenue of $63,440 plus GST per annum.
Ms Gudsell said management of the storage shed operation, along with revenue, would automatically transfer over to any new owner of the site on settlement date, and any new owner of the property and its assets would have the right to renegotiate new lease rates if they chose to.