Paint and Panel Site Offers Compelling Upside

The prominent premises of a well-known Palmerston North automotive paint and panel operator are up for sale in a prime position on a key city arterial.

The versatile freehold property enjoys excellent connectivity and exposure on Tremaine Avenue, one of the city’s busiest and most tightly held commercial corridors.

The more than 820-square-metre West End site is fully leased to Tremaine Panel & Paint on a new five-year lease, with rights of renewal extending to 2040.

Tremaine Panel & Paint offers a full range of services including spray painting, panel beating, plastic welding and fibreglass repairs. Its customers span the full gamut of private motorists, business fleets, car dealers, and insurance work.

The lease delivers a net rental return of $56,083 plus all outgoings and GST per annum, with CPI rent reviews every two years.

The freehold land and buildings at 451 Tremaine Avenue are now being offered to buyers by way of a deadline sale closing on Wednesday 20 May.

The sale is being marketed by James Crawley of Bayleys Manawatu.

The low-maintenance building of approximately 521 square metres is underpinned by an 827-square-metre Industrial-zoned landholding, with on-site parking for several vehicles.

Crawley said the combination of secure income, tenant longevity, and a high-profile location positioned 451 Tremaine Avenue as a strong investment.

“This property offers reliability, visibility, and long-term potential in a tightly held commercial precinct. The established tenant, proven operational history, and favourable lease structure provide confidence for both new and seasoned investors.

“A functional and versatile building configuration is well suited for a range of industrial or trade-based occupiers, enhancing long-term leasing flexibility and tenant retention. This is further supported by Industrial zoning which enables diverse commercial and industrial activities.

“Palmerston North is seeing strong ongoing demand for industrial and trade-based premises generally, meaning assets of this nature deliver a good level of investment resilience,” he said.

Crawley said a key advantage was the site’s high-profile frontage to Tremaine Avenue, a vital arterial route through the city’s established industrial precinct.

“This key commercial corridor is known for its high visibility, strong traffic flow, and limited availability of quality investment stock. Tremaine Avenue provides easy access to the city centre, surrounding neighbourhoods and major transport links.

“The surrounding area features a mix of housing, retail, and service-based businesses, offering convenient amenities for both staff and visitors. Also handy are parks and local cafes, creating a pleasant environment for daily operations, while nearby public transport and main roads ensure easy access for clients and customers,” Crawley said.