934 Whangaparaoa Road, Manly, Rodney

The property

• Strategic freehold 1,879sqm site in a high-demand growth area with a 220sqm building, 525sqm forecourt and canopy
• 35 metres of frontage to the main arterial route on the Whangaparaoa Peninsula
• Long-term lease to Z Energy Limited, trading as Z Manly
• Current lease runs through to 2033, with rights of renewal out to 2055
• Zoned Business – Neighbourhood Centre
• Returning net annual rental of $122,000pa + GST and outgoings

Quick look

• National Total Property marketing campaign via deadline private treaty
• Interest generated from Bayleys’ nationwide Total Property magazine, databases, print ads, multiple digital platforms, national PR coverage
• Strong enquiry from a broad range of local and national investors
• Pre-deadline unconditional offer received and accepted by vendor
• SOLD for $2,150,000
• Purchased by an established local private investor

The story

When the Bayleys Silverdale commercial team of Graeme Perigo, Ben Clare and Marie Hansen commenced marketing for the freehold land and buildings occupied by Z Energy, they expected plenty of interest given the location, the long-term tenant covenant, and the attraction of secure passive income.

But what they did not foresee was an early unconditional offer which saw the property sold ahead of deadline close.

Graeme says the broader Silverdale, Hibiscus Coast and Rodney commercial markets is very tightly-held, with property generally owned by a small number of individuals and investment entities.

“Well-marketed campaigns always attract attention, but selling prior to deadline was unexpected in the current market cycle which has typically seen deals take longer to get across the line, and often more muted interest overall.

“Getting an offer that was acceptable to the vendor at a level that brought the campaign to a close ahead of schedule, was a great result for both parties to the transaction.”

The service station market remains robust, according to Graeme, despite the growing conversion to electric vehicles and noise around fossil fuel dynamics.

“The local buyer was experienced in the property market, saw long-term value in the offering and was pleased to add the property to an existing portfolio.”

Vendor comment

As executor of her late-parents’ estate Sue Edwards, says the Bayleys’ team approached the sale methodically and professionally.

Sue’s parents had owned the Manly property for around 20 years, and when it came time to divest the asset, Bayleys stood out.

“I’d seen that they were widely active in the area, and I’ve worked with Bayleys previously on valuation related matters.

“I felt it was probably reasonably good timing to sell due to interest rate changes making commercial property more attractive to investors, and found Graeme and the team very organised at getting the process completed.”

Sue says the team was always responsive to questions, took a pragmatic approach, and instilled confidence.

And how does she feel about the sales’ price achieved?

“I was pleased – more would always be nice, but yes, I was very happy with the result.”