Renowned land/building and business package

58 Egmont Street, New Plymouth

Private Treaty

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Renowned land/building and business package | 58 Egmont Street, New Plymouth | 2600905 |      X Close

Renowned land/building and business package

There's no rule that commercial property investment and good craic are mutually exclusive, so why not combine both with this rare opportunity. For the first time on the market in 28 years, this land and building package at 58 Egmont St includes much-loved local, Peggy Gordons Celtic Bar, to be sold as a freehold going concern.

Those with an ear to the West End precinct will already know that surrounding properties are tightly held and rarely available, especially in such a prominent corner position.

A stalwart of the local night life, Peggy's distinctive 1920s-character facade has seen a lot of action since the business opened in 1993, with many a good yarn being had over a pint!

Split over four levels, there are multiple revenue streams at play. A working basement is home to a restaurant and kitchen area available for functions and private dining. The ground floor bar with outdoor dining is a popular attraction and mainstay of the hospitality scene. There are also 18 Gaming Machines in an air-conditioned lounge and a separate restaurant, all equating to a big cash surplus opportunity.

The second floor is fully leased, and the first floor is currently used as Peggy's office, with space for additional revenue. There's also the potential for redevelopment on the upper levels.

Peggy's is at the forefront of the local live music scene and New Plymouth's busy event calendar now creates an atmosphere for the business to prosper. Notable neighbours include the adjacent TSB Showplace, the Len Lye Centre and White Hart.

The basement and bar had $1,000,000 spent on refurbishment and has a convenient liquor solus agreement with Lion Nathan until mid-2022, presenting this as your chance to make strong returns with a 'hands off' and tested business model.

Deadline private treaty (unless sold prior), closes 1st of July 2021 at 1pm.

58 Egmont Street, New Plymouth

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