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Plenty to chew on for property investors as eatery premises go up for sale

Tags: Commercial

A menu of four casual suburban food and beverage premises frequented by residents from their respective local neighbourhoods has been placed on the market for sale.


8C Moana Ave, Orewa.

16H Link Drive Wairau Valley

 

A menu of four casual suburban food and beverage premises frequented by residents from their respective local neighbourhoods has been placed on the market for sale.

The quartet of suburban venues are scattered across Auckland, and are being sold individually of each other by Bayleys Real Estate. Three of the venues have hospitality-based business tenancies in place, while the fourth has previously been occupied by a food and beverage business.

All four premises are being marketed for sale as just the land and buildings, and not the trading businesses operating within.

Bayleys Real Estate retail group sales and leasing director Chris Beasleigh said the agency’s latest food and beverage-focused menu of premises for sale reflected that the food and beverage/hospitality sector was now an asset sectors within the greater commercial and industrial property market.

“As Auckland’s population continues to grow, so too does the demand for eating and drinking establishments – both from a service offering perspective, and in a geographic location sense,” Mr Beasleigh said.

“That’s why we are seeing more and more ethnic establishments cropping up, along with stereotypical ‘Kiwi’ venues opening in emerging and growing suburbs across the city.

“By providing a ‘local option’ for eating and drinking out of the home, suburban eateries derive the bulk of revenues over the weekend periods from Friday to Sunday evenings.

“By their geographic location, they provide an alternative to heading into town centre hubs, or to the CBD precincts such as Britomart, Princes Wharf, The Viaduct or Wynyard Wharf,” Mr Beasleigh said.

“As with any commercial property asset class, there is a turnover of stock as property owners sell up for any myriad of reasons. That is exactly what we are seeing with these three properties up for sale.”

In the seaside suburb of Orewa just north of Auckland, the land and buildings housing The Real Food Kitchen eatery at 8C Moana Avenue is being marketed for sale at auction on March 11. Salesperson Dylan Turner said the property’s corner location had been purpose-fitted out for a food and beverage tenant – with the installation of bi-fold windows opening out onto the pavement dining area.

The 50 square metre site is tenanted on a month-to-month basis by The Real Food Kitchen café, which pays annual net rental of $27,944 plus GST and operating expenses.

“Sitting some 100 back from Orewa beach, yet in the heart of Orewa’s central business district, this premises benefits from parking immediately outside its doors,” Mr Turner said.

Meanwhile, at the upper boundary of Auckland’s North Shore, the land and vacant building at Unit 1, 934 Beach Road in Torbay is being marketed for sale by private treaty, with offers being taken up until March 5.

The 150 square metre premises with a one-third share of 1,072 square metre site overlooking Waiake Beach previously housed the dual food and beverage operations known as Tides Kitchen restaurant and a Movenpick ice cream outlet.

Bayleys salespeople Michael Ness, Tony Chaudhary and Amy Weng said that with Torbay township some 1.3 kilometres away to the sought, they believed that the best future use for the site would be reconfiguring it into a single licensed premises – capturing the local population to the north.

Nearby, in the suburban community of Albany, the land and buildings containing a Thai/Chinese fusion restaurant known as Black Rice at Unit 10B in 21 Corinthian Drive are being marketed for sale at auction on March 11.

Bayleys North Shore salespeople Eddie Zhong and Steven Liu said the modern high stud single-storey 244 square metres Black Rice premises with floor to ceiling windows is on a lease running through to 2029 generating net annual rental of $111,343 plus GST and outgoings.

Rounding out the menu of food and beverage premises on the market for sale is the unit-titled land and buildings housing a Chinese-cuisine eatery known as the Go Go Music Café in the Wairau Valley on the North Shore. The premises at 16H Link Drive is being marketed for sale at auction on March 11.

Bayleys salespeople Millie Liang and Trevor Duffin said the 470 square metre eatery was located within the Wairau Park ‘big box’ retail and homewares precinct. Go Go Music Café is on a lease running through to 2021 four further three-year rights of renewal – generating net annual rental of $78,000 plus GST.

“The two-storey property has a very commercial exterior look and feel to it, yet inside the open-plan fit out and wood-paneled front of house décor are quite the opposite,” said Ms Liang.

“Sitting directly opposite the HOYTS Wairau Park cinema complex and the neighbouring 10-pin bowling centre, Go Go Music Café benefits from a solid walk-up customer base eating and drinking either before or after watching a movie or sending down a few balls down the lanes.”

934 Beach Road Torbay

Unit 10B/21 Corinthian Drive, Albany

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