Car yard dealership site for sale

Wednesday, 8 May 2019, 9:06 am
Press Release: Bayleys

Media Release

8.5.2019

Car yard dealership site for sale has property investors looking to trade in

The land and buildings housing Tauranga's biggest distributor of multiple car brands has been placed on the market for sale.

Situated on the corner of Hosking Street and Hewletts Road in Mount Maunganui, the property contains an open-plan automotive showroom occupying 509 square metres and adjacent connected workshop of 288 square metres sitting on 1,525 square metres of freehold land.

Farmer Autovillage has been at its flagship Hewletts Road site - which neighbours the property being sold - for nearly a decade, selling and distributing prestige brands including Audi, Nissan, Volkswagen, Skoda, Subari, Jeep, and Hyundai.

The property at 120 Hewletts Road is being marketed for sale by tender through Bayleys Tauranga, with tenders closing at 4pm on May 15. Bayleys Tauranga salesperson Jim Mckinlay said the lands was zoned industrial under the Tauranga District Operative Plan - allowing for buildings up to 16-metres high suitable for accommodating retailing operations, offices, port activity businesses, industrial tenancies or trades-based suppliers.

Hewletts Road, State Highway 2, is the main high traffic volume arterial route linking Tauranga and the Eastern bay of Plenty through Mount Maunganui.

The single-level premises was built in 1990 and features a concrete floor plate sustaining a mix of concrete block and concrete tilt slab walls supporting steel portals and timber framing with a galvanized iron roof. Eight years ago the property was upgraded into a showroom and workshop along with air-conditioning.

The concrete block, tilt slab and textured fibre cement building has a galvanised roof and a skylight, with office partitioning, kitchen and other facilities.

Mr Mckinlay said that while the freehold property was amply suitable for its existing automotive showroom purpose, the site would justify a new luxury showroom to showcase some of Farmer Autovillage’s prestige vehicles.

The tenant, Farmer Motors pays annual rental of $166,130, with two-yearly rent reviews linked to comparative market rates. Mr Mckinlay said that with the next rental review due in September, recent leasing agreements on similar property in the surrounding vicinity suggested a rental increase was likely for 120 Hewletts Road.

In the immediate area there is a mix of commercial, service, offices, small workshops and port related businesses along with both small and large retail outlets.

Mr Mckinlay said that with an extensive frontage onto Hewletts Road, the property and – and its tenant - benefitted from a high-profile corner location which was easily accessible by customers.

Mr Mckinlay said the property had been offered to tenant Farmer Motors to purchase. The offer price was declined by Farmer Motors and the property was now being offered for sale to the public by tender.

He said that any potential tender offers at a price higher than the amount previously declined by Farmer Motors could be accepted by the vendor without the offer having to be referred to Farmer Motors.

ends

© Scoop Media

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New Zealand

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