"It's quite possibly the best earnings an investor could get from a 'hunk of concrete'," says Press.
"There's a sound arm's length lease in place and all of the truck stop plant and equipment is owned and maintained by the tenant. It doesn't get much easier than that for an investor.
"It's a 'bottom drawer' opportunity to be tucked away and effectively forgotten about while clocking decent returns and having it appreciate over time."
BP Oil New Zealand Limited pays a net rental of $60,766 and has operated a truck stop from the site since taking an initial 10-year lease with renewal rights in November 2007. Renewal rights have already been exercised meaning the lease now runs through to November 2022.
Press says there are no other truck refuelling stops in the immediate area and there is a 'non-compete' clause in play.
"As it's located close to the busy Grenada Business Park and handy to State Highway 1, the piece of land will always be in demand as a truck stop facility however, there could be a higher use for it sometime further down the track."
Given the location and the Business 2 zoning, it is understood that industrial units could be built on the land dependent on due diligence undertaken through Council channels.
Press says Grenada North has some of the lowest industrial vacancy rates in the Wellington region and its underlying fundamentals have 'future-proofed' property in the area.
"Roading projects such as Transmission Gully and the proposed link between Petone and Grenada will further cement this area as a strategic industrial and logistics hub."
Given the attraction of the offering and the fact that the land is yet to be valued, Press says the auction on August 3 will see market value established in the auction room.
