New draw card to prime commercial site adds to investor appeal
A newly-constructed Monteiths-branded bar and restaurant will open in a prime location in Paraparaumu next month and the successful commercial property it is part of is being marketed by Bayleys in their latest Total Property portfolio.
The well-established Debos Bar and Gaming facility along with a TAB, will be joined by the Monteiths-branded operation at 8 Kapiti Lights, one of the largest freehold, commercially-zoned sites in Paraparaumu. It forms part of the Kapiti Lights shopping complex, adjacent to Coastlands Paraparaumu’s primary shopping centre.
Stephen Lange of Bayleys Wellington is marketing the property - with tenders closing on 2 December – and says the existing building plus the new extension will occupy 938sq of the total 3352sq m site.
The existing building housing Debos and the TAB has been built primarily in cedar weatherboard with clay roof tiles over the high pitch roof. The new Monteiths Bar and Restaurant extension will keep with this theme along with the addition of natural stone, a trademark of Monteiths-branded establishments.
The operators of the new Monteiths facility – Coast Hospo Limited - also operate the Monteiths franchise in Khandallah and as a result of this successful venture, have the full support of Dominion Breweries for the Paraparaumu venue.
“Coast Hospo Limited will take a 10 year lease from early December and will have a further three, four-year rights of renewal beyond that. Both Debos, which has been operating for 15 years under a supply agreement with NZ Breweries and the TAB which has also been on this site for 15 years, have renewed their leases for their final three year term,” says Mr Lange.
A fourth lease on the property to Urban Bach Limited relates to signage opportunities on 280sq m of perimeter fencing plus a key traffic island with direct exposure to Kapiti Road and brings the estimated total net income on the property to $281,538 per annum.
“This is a premium site given the easy access to SH1, pedestrian access across to Coastlands and its position opposite the railway station and bus interchange. It’s an extremely visible site - around 26,000 vehicles are estimated to pass the entrance every day,” says Mr Lange.
“The new Monteiths operation is the sort of establishment that Paraparaumu has been waiting for. Aimed at families and the more mature market, it will fill a void in the area on the back of a brand concept that has worked exceptionally well right throughout New Zealand. Here is an opportunity for a smart investor to capitalise on a long-established development that can only be enhanced by the well-executed and well-timed extension on a proven site.”
