Corner site car yard and auction warehouse for sale

Media Release

1.6.2017

Corner site car yard and auction warehouse placed on the market for sale

The land and buildings housing one of Palmerston North’s biggest car yards and an adjoining hospitality venue has been placed on the market for sale.

The land and buildings at 201 – 203 John F Kennedy Drive house the outdoor display space and under-cover auction warehouse for NZ stock exchange-listed car dealership Turners Cars.

The 7,454 square metres of commercially-zoned land and 2,048 square metre warehouse also accommodate the licensed hospitality venue known as The Workshop.

The property generates a combined rental revenue of $246,829 plus G.S.T per annum, with the tenancy schedule consisting of:

· Turners Cars on a nine year lease paying $210,000 plus G.S.T per annum

and

· The Work Shop bar on a six year lease paying $36,829 plus G.S.T per annum.

The property is being marketed for sale at auction on June 28 through Bayleys Palmerston North. Salesperson John Looney said significant refurbishment work was recently undertaken on the building – whose clientele benefitted from a high-profile corner location.

“Turners has occupied the site for 19-years and has recently renewed its tenancy for a further nine years,” Mr Looney said.

Turners Group is the largest seller of cars, trucks and machinery in New Zealand. The Palmerston North operation is one of 19 branches nationwide. John F Kennedy Drive is one of Palmerston North’s main arterial routes – linking the city with the central business district.

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