Z Energy's property at 15th Ave is one of nine service station properties the company is putting on the market.
Properties in Tauranga, Rotorua, Opotiki, Ngatea, Paeroa, Te Aroha and Hawera, in the North Island, and Blenheim and Dunedin, in the South Island, will all be leased back by Z and will remain in the company's nationwide network under new leases. The operation of the sites and the associated businesses are not for sale.
Commercial, industrial and retail real estate firm Colliers International expects plenty of interest from individual investors, family trusts and property investment syndicates looking for easy-to-manage, income-generating investments.
Well known for the marlin sculpture which guards the entrance, the commercial-zoned Z 15th Ave corner site in Tauranga is expected to generate net annual rent of $119,000 on a new eight-year lease with further rights of renewal.
The Opotiki site will generate an estimated $48,000 in net annual rental income on a 12-year lease, with further rights of renewal. The Rotorua property is on busy Te Ngae Rd and is paying an initial net annual rent of $82,000 on a three-year lease, also with the right to renew.