A prime waterfront property in Paihia’s maritime precinct is for sale for the first time in more than 20 years giving passive investors the chance to capitalise on the town’s tourism profile, and benefit from the newly negotiated lease to the established operator.
The buildings and associated wharf side infrastructure supporting Zane Grey’s Aquarium Restaurant and Bar and The Dock, are for sale by negotiation through Bayleys.
The Aquarium Restaurant spans 517sqm, the canopied outdoor space known as The Dock comprises 660sqm, and a unique 60,000-litre saltwater aquarium showcasing local fish species is at the heart of the business. It is fully-maintained by the tenant and is the only such facility north of Auckland.
Zoned Coastal Marine, there is a Licence to Occupy the seabed issued by Northland Regional Council, with long-term access agreements, in place. There are also existing resource consents for the addition of pontoons which gives the property even greater functionality by enabling boats to moor directly alongside.
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A newly negotiated five-year lease to the proven hospitality operator has further rights of renewal extending the tenancy through to 2040, and the property has a rent roll commensurate to the quality of the infrastructure.
The property referred to as 69 Marsden Road, the arterial also known as the Twin Coast Discovery Highway, is for sale by negotiation through Gary and Lesley Lucas, and Ben Clare of Bayleys.
Gary Lucas says the property offers an expansive footprint catering to high-capacity hospitality operations and delivers a special waterfront experience for visitors and locals.
“The restaurant/bar is adjacent to Paihia Wharf where numerous charter boats and tourism-related businesses are based so it’s got fantastic public profile. It’s directly opposite Paihia’s main retail and commercial hub with its boutique shops, artisan food businesses, varied visitor experiences, and accommodation options.
“With commercial property tightly held and absolute waterfront assets rare, astute investors will appreciate the inherent value of this site and appreciate the role it plays in the local economy.’
Zane Grey’s Aquarium Restaurant and Bar and The Dock is named after the legendary American author who championed the Bay of Islands as a fishing El Dorado. Big game fishing is one of the area’s main attractions, but new audiences are being lured to the region thanks to the cruise ship market.
As an active member of the Bay of Islands Business Association, Lesley Lucas says Bay of Islands is enjoying the flow-on effects of cruise ship visitation, and the return of international travellers.
“More than 70 cruise ships are expected in the Bay of Islands this season and on cruise ship days, Paihia bustles with the waterfront precinct around Zane Grey’s particularly vibrant.
“Overall international visitor numbers are rebounding, whether that’s organised tour groups or independent travellers, and the Bay of Islands rightly deserves its reputation as a gem in New Zealand’s tourism crown.
“Paihia is the gateway to the 144 islands comprising the Bay of Islands in the Far North. It is a destination in its own right, as well as being the connector to Russell with a regular ferry making the quick trip across the water, and being a service town for those visiting nearby Waitangi Treaty Grounds.”
Paihia is 3.5 hours drive from Auckland and a 25-minute drive from Kerikeri Airport.
- Supplied by Bayleys
