The land and buildings housing a branch of one of New Zealand’s leading tyre retailing and fitting businesses has been placed on the market for sale.
The corner property at 2 Belvedere Street in the Bay of Plenty township of Te Puke is currently leased to tyre retailer and fitting company Bridgestone New Zealand.
Bridgestone New Zealand Ltd was founded in 1998 following the merger of the Bridgestone and Firestone tyre companies. Bridgestone produced the first tyres in New Zealand, and is now the only tyre manufacturer in New Zealand.
Bridgestone branches nationwide – including the Te Puke operation - are responsible for automotive servicing and issuance of warrants of fitness, wheel aligning, wheel balancing, puncture repairs, and selling tyres for private, commercial, and heavy grade vehicles.
The Belvedere Street lease to Bridgestone in Te Puke runs through until 2018, with two further six-year rights of renewal. The lease generates an annual return of $36,300 plus GST.
The 809 square metre freehold property and 322 square metre building are being marketed for sale by private treaty through Bayleys Tauranga. Salesperson Brendon Bradley said the property had a high-profile frontage onto Jellicoe Street which was one of the town’s busiest routes.
He said the single-storey rectangular shaped building comprised multiple service bays where vehicles had their tyres removed, repaired or replaced, a large storage room, staff cafeteria and toilets, and administrative offices.
Mr Bradley said it was the first time in approximately 20 years that the property had come up for sale, and he expected investors would be attracted to the opportunity because of the strong reputation of the tenant, and the property’s prime corner location fronting onto a busy road.