Gisborne Property Revving Investor Interest

A purpose-built and well‑maintained commercial building in Gisborne that has been occupied by the original tenant for more than 20 years, is now on the market.

The 670sqm unit-titled building at 412 Gladstone Road was constructed in 2005 and comprises pre-cast concrete panelling supported by steel portal framing. It offers spacious and modern retail areas complemented by quality offices and amenities, and has parking for 16 vehicles. The single-level building has a 100 percent NBS seismic rating.

Since its construction, the property has been continuously occupied by the well-established Australasian tenant, Super Cheap Autos. Specialising in automotive parts and accessories, the retail brand was founded in 1972, with its Australian parent company, Super Retail Group Limited listed on the Australian stock exchange and having circa-300 stores across Australia and New Zealand.

The property returns net annual income of $131,296 plus GST, with Super Cheap Auto (New Zealand) PTY Limited’s current lease term of five years commencing 17th March 2023 and having two further five-year rights of renewal to be exercised. There is also provision for regular market and CPI-benchmarked rent reviews.

Commercial broker Mike Florance of Bayleys Gisborne is taking the property through a tender campaign closing Wednesday, 14th May unless sold prior.

He says the current owner is from out of town, and he expects the high-quality, modern retail offering to appeal to both local buyers, and national investors looking for regional diversification.

“It’s the kind of ‘set and forget’ bottom-drawer asset that smart investors quietly accumulate because they know it’s essential for building a diverse and resilient portfolio,” says Florance.

“Spreading the investment love around different markets makes sense, and the Gisborne region offers value for money.”

Gladstone Road is the city's main street, home to the central commercial precinct, and part of the Pacific Coast Highway. Florance says the subject building is in a popular part of town for big-box operators, and with 23m of street frontage, the property has strong visibility and profile.

“The property offers long‑term occupier appeal, with a layout that could be easily adapted for a wide range of retail or showroom uses. Its position on a busy arterial route makes it particularly attractive to high‑volume retail brands, as reflected by the surrounding businesses, including LiquorLand, Caltex, Repco, Woolworths, Hirepool, and Fenn’s Furniture.

“The site also benefits from access to a broad residential catchment. Gisborne’s compact urban form enhances convenience for customers, and the position at the business end of the Gladstone Road spine ensures consistent traffic flow and visibility for any occupier.”

Gisborne continues to prove its strength as a regional investment hub, with commercial and industrial properties attracting sustained demand. The recent sale of 320 Gladstone Road, a high-profile site secured by a long-term Restaurant Brands lease, drew strong enquiry before being purchased by a Wellington investor.

“It’s a clear signal that well-located assets with reliable national tenants remain highly sought after in this market,” says Florance.