Dual-Tenanted Gisborne Investment Draws Interest

The high-profile former industrial facility housing a national fitness chain and a famous local brewery taproom is for sale in a key Gisborne business hub.

The distinctive two-storey building with trademark ‘sawtooth roof’ is a prominent sight on State Highway 35, the city’s main east-west through road, on the southwestern fringe of the CBD.

The fully leased Awapuni property is home to the 24-hour CityFitness Gisborne gym and a popular taproom run by Sunshine Brewery.

Now offered for sale through Bayleys Gisborne, the smart earthquake-strengthened property generates a total net rental return of $510,810 plus outgoings and GST per annum. Both leases deliver built-in rental growth.

Three Sisters Brewery, operating as Sunshine Brewery, trades from ground-floor premises with a character taproom bar/eatery and brewing facility.

Sunshine lays claim to being New Zealand’s oldest independent brewery, with a history tracing to 1989 and iconic local brew Gisborne Gold. Its Awapuni taproom now offers beer lovers a choice of over 20 taps plus a range of pizzas and bar snacks. It has a 4.6 rating on global travel site Tripadvisor, which ranks it among Gisborne’s top five visitor attractions.

The current lease runs to 2028, with two further six-year rights of renewal.

Upstairs, locals work out around the clock at a CityFitness facility offering Pilates and group fitness classes, personal trainers, and a gym floor with the latest strength training and cardio equipment.

CityFitness is a major player in the national gym scene, with 66 fitness clubs nationwide. It occupies the Awapuni gym facility, with 45 on-site car parks, on a new 12-year lease with rights of renewal extending to 2050.

The freehold land and building at 49 Awapuni Road are being offered to buyers by way of a tender closing on Wednesday 5 August (unless sold prior). The sale is being marketed by Mike Florance and Colin McNab of Bayleys Gisborne.

Florance says a weighted average lease term of approximately 8.5 years offers investors excellent income stability and minimises vacancy risk.

“This modern, dual-tenanted freehold investment offers new owners substantial diversified income. Both tenants are established long-term occupiers, drawing consistent patronage and benefiting from strong brand recognition within the region.

“The more than 2,900-square-metre building features an attractive, modern fitout. It has been seismically strengthened to approximately 80 percent of new building standard, providing investors with a reduced risk profile and supporting long-term tenant security,” says Florance.

The building is underpinned by some 3,871 square metres of land, which sits within the Outer Commercial zone under Gisborne’s district plan.

McNab says this is a strategic position in a key hub of commerce and industry between the city centre and Waikanae Beach.

“A commercial landholding of this size in tightly held Awapuni is hard to come by, offering buyers enduring strategic long-term value.

“Surrounded by a range of industrial, trade, retail, and commercial operators, this location continues to attract businesses seeking visibility, accessibility, and proximity to major service hubs.

“The property for sale, and its duo of high-profile tenants, enjoy excellent visibility and exposure to busy passing traffic volumes. A position on State Highway 35 also enables easy travel to Gisborne’s city centre, port and airport, as well as wider regional connections,” McNab says.