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High octane property investment placed on the market for sale

The high-profile land, buildings, and infrastructure sustaining a seaside town’s busy retail fuel outlet in the heart of its central business district have been placed on the market for sale.

The Gull petrol station in the buzzing rural township of Thames at the base of the Coromandel Peninsula is part of New Zealand’s largest independent fuel retailer – operating a network of 115 service stations across the country, the majority of which are unmanned sites.

Gull runs a multi-model network across New Zealand, in which there are three different operational models – unmanned, manned, and marinas. Gull Thames operates within the staffed framework – with the retail building within the property selling a range of food and beverage consumables, as well as automotive products.

The Gull Thames property in three titles is situated on a 2,471-square metre freehold site at 208-212 Pollen Street – which is Thames’ main street.

Gull New Zealand Ltd was instrumental in changing the dynamics for retail fuel delivery in New Zealand since hitting the market in 1998 – offering Kiwi consumers a lower price-point alternative to the bigger and more established brands such as Mobil, BP, and Z.

The Thames CBD land, building, and landlord-owned fuel dispensing assets, but not the Gull fuel retailing business at 208-212 Pollen Street, are now being marketed for sale by auction on May 3 through Bayleys Hamilton. The property has two entry/exits points off Pollen Street – allowing for free-flowing traffic movements in to and out of the forecourt.

Salesperson Josh Smith said Gull’s Pollen Street location encompassed a concrete forecourt and straightforward canopy structure with pumps, underground storage tanks, vapour recovery lines, and stand-alone automated car washing unit - all serviced by an adjoining retail shop and reception, with public bathrooms, and separate back-office staff amenities.

Gull New Zealand Ltd is on a current 10-year lease at the Thames site through to 2030, with a further five-year right of renewal – taking the potential final lease out to 2035 in its current format. The lease currently generates an annual rental of $194,688 plus GST and operating expenses.

Gull’s fuel retailing hardware occupies some 96-square metres of the site, which is zoned commercial under the Thames Coromandel District Council plan.

The future of the petrol and diesel-powered internal combustion engine looks to be assured for many decades to come – particularly with many of the world’s leading vehicle manufacturing marques announcing just recently that they are actually cutting back on the future development and production of electric vehicles.

“Essentially, while ‘plug-in’ vehicles are an option for those who can afford the up-front purchase costs, they won’t be replacing petrol and diesel vehicles for the foreseeable future – which is why opportunities like the Gull station in Thames will continue to be required for servicing the needs of petrol and diesel engine driving motorists for years to come,” said Josh Smith.

“Gull’s staffed customer service model for its Thames’ operation reflects the venue’s location in the heart of the town – with most turnover and activity generated between 8am – 6pm. Monday through to Saturday when the area’s population is in town conducting their normal retail and household business.”

Thames Coromandel District Council has identified Pollen Street for a major multi-million-dollar renovation and upgrade project to improve stormwater, wastewater, and general water pipelines. More than $5million has been set aside in council accounts for the planning, design, pipe laying, and roading reinstatement project.

Josh Smith said: “From a long term-perspective, it is highly encouraging to see that the council readily acknowledges Pollen Street to be the centre of economic and social activity in Thames, and has committed funds to ensuring the road’s appeal and relevance to the wider community.”

“Any new owner of 208-212 Pollen Street can take heart that they are buying into the town’s prime retail and domestic amenities and services hub, which has the backing of the council.”

Click here for more information on the listing.

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