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Investors primed as iconic paint supplier’s outlet goes up for sale

The single-storey retail/trade premises on a more than 1,600-square metre freehold site in Judea is home to a Resene ColorShop outlet.

New Zealand owned and operated since 1946, Resene has grown over 75-plus years into a leading painting and decorating chain with outlets and stockists across New Zealand and Australia.

The group has developed an extensive range of paint and specialist coatings for residential and commercial buildings, marine, industrial and automotive uses.

Resene ColorShops were last year voted New Zealand’s Best Paint and Decorating Store in a consumer survey run by Reader’s Digest.

The Judea ColorShop on Waihi Road is open seven days, offering paints, wallpapers and decorating accessories, plus a colour consultant service and specialist supplies for automotive and light-industrial customers.

Resene occupies the site on a lease that runs through to 2025 with two further six-year rights of renewal. Its tenancy generates an annual net rental income of $153,777 plus GST and all outgoings.

The freehold land and building at 47B Waihi Road, Tauranga, is being marketed for sale by family sales team Ryan, Lynn and Brendon Bradley of Bayleys Tauranga.

Sale will be by way of an auction on Wednesday 28 September, unless the property is sold earlier.

Ryan Bradley said the offering comprised an approximately 689-square metre building with an A-grade seismic rating that is situated on a Commercial-zoned site of some 1,616 square metres.

“The property has been developed with a sizeable single-level commercial premises with a retail showroom, commercial trade warehouse and automotive warehouse together with offices and staff amenities,” he said.

Lynn Bradley said the site was superbly presented and conveniently supported by 21 onsite car parks and dual access from busy arterial Waihi Road and Oak Lane.

“This prime asset enjoys the benefits of a strategic location just minutes from the Tauranga CBD, in the tightly held Judea commercial/industrial precinct.

“High-profile neighbouring occupiers include building supplier Carters, Supercheap Auto, international gym chain Snap Fitness, Tony’s Tyre Service and Novus Glass, with the Oak Lane Industrial Park immediately to the rear,” she said.

Brendon Bradley said the property for sale was positioned on the northern side of Waihi Road, a main arterial linking to 11th Avenue.

“This locality benefits hugely from its excellent accessibility to main roads including Takitimu Drive (State Highway 2) connecting Tauranga with Mount Maunganui by way of the harbour bridge. As such, the tenant business is able to draw from a wide catchment across the city.

“With a top-shelf national tenant and quality lease covenant, this property is sure to generate considerable interest among buyers seeking a passive investment in one of New Zealand’s fastest-growing regional centres,” said Bradley.

Click here for more information on the listing.

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