Tap into a popular suburban hospitality asset

A long-standing dining and entertainment landmark in Stokes Valley, Lower Hutt has been placed on the market, offering investors the chance to secure the land and buildings of the suburb’s only full‑service hospitality establishment with a proven operator in place.

The property at 8 to 14 Evans Street and 25 Oates Street, is a purpose-built venue known as The Hardware Bar and Restaurant comprising a generous dining and bar area, a substantial garden bar, a public bar with TAB facilities, and eighteen gaming machines. It occupies a prominent 700sqm corner site across four freehold titles within the busy Stokes Valley commercial precinct and serves a local population of approximately 10,000.

The property is fully leased to NDK Hospitality Limited, a well-established Wellington operator that has exercised its next five-year right of renewal commencing 5 July 2026, with two further five-year rights of renewal available. The lease is supported by personal guarantees from two directors and provides annual CPI rent reviews. The property returns net annual income of $128,000 plus GST.

The mainly single-level building was seismically upgraded in 2016 to exceed 67 percent NBS. It includes 480sqm of internal hospitality layout supported by a 159sqm garden bar. The restaurant and bar areas run from west to east, with gaming machines and additional seating on the eastern side. The garden bar occupies its own title on the northern side of the building and adds a valuable outdoor dimension to the tenant’s operation. A small upstairs area provides staff offices and storage.

The property will be auctioned on Thursday 22nd October, and is being marketed by Paul Cudby, Fraser Press, and Liam Sherlock of Bayleys Wellington Commercial.

Cudby says the offering stands out for its combination of location, income security and tenant track record, with the venue having a long history catering to what is essentially a captive market and reflecting its unique position within the suburb.

“This is the only hospitality establishment of its kind in Stokes Valley, and it has been a destination for locals for many years.

“The mix of restaurant, bar, gaming and garden bar areas gives the tenant multiple income streams and supports a stable trading profile.”

Investors looking for passive returns from a property with strong underlying zoning will find the property delivers, says Cudby.

“The renewed five-year term provides investors with certainty around the tenant’s commitment, backed by personal guarantees.

“This is a prominent corner site in the heart of a well-supported suburban centre, where it enjoys strong local patronage. Looking to a long-term horizon, the flexible Suburban – Mixed Use zoning provides future options given the wide range of commercial and community activities it allows.”

The property has a bus stop at the door, and easy access to Eastern Hutt Road, State Highway 2 and State Highway 58. The surrounding retail environment includes New World, Scott Court shopping centre and the Stokes Valley Community Hub.