A well-positioned Albany industrial investment property, with a successful long-standing hospitality tenant, is for sale.
Unit A, 49 William Pickering Drive, on Auckland's North Shore is one of four industrial unit-titled properties on a large site located near the junction with Rosedale Road, and zoned Business-Light Industry.
It has been home to New Brew Bar for nearly 20 years and there is a 9-year lease from September 2014 with annual reviews and a 6-year right of renewal in place, returning a net rental of $130,571 plus GST.
The current owner of the building is transitioning his property portfolio to the Bay of Plenty and also looking to relocate to the region, so is selling his Auckland-based assets.
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Bayleys agents Eddie Zhong and Millie Liang are marketing the property which is to be sold by auction on 24th June at Bayleys Auckland Central.
Zhong says the property was built in 2001 and developed into a bar and restaurant with a good quality fitout. New Brew Bar has operated from this site since 2002, with its current business owners, Julian and Veronica Dapena, taking over in 2012.
Subsequent improvements have been made to the property, with the main feature being a covered front courtyard area which extends the venue’s footprint with outdoor seating areas.
“This is a well-performing hospitality operation that has cemented its place in the local community and has generated good returns,” he says.
“New Brew Bar has grown a loyal customer base and worked hard to establish a strong reputation for good food and all-round hospitality, and its owners are looking forward to continuing this for many years to come.
“Throughout the COVID-19 lockdown and subsequent alert levels, the business remained in contact with its regular customers through social media channels and offered online ordering and collection for meals, along with live music performances via Facebook.
“The business has shown resilience and adaptability and it’s seeing a steady return of its local clientele as alert level restrictions ease.”
Liang says retail/industrial units in the wider Albany area have proven popular with investors for some years now, and even during lockdown, deals were being completed.
“There’s a well-documented shortage of quality stock on the market and while it is too early to say what impact the latest global health crisis will have on commercial property prices, we expect solid demand for well-located, well-tenanted properties,” she says.
“The owner’s decision to take the property to auction shows a clear commitment to letting the market speak and establish value.”
The property has 368sqm of floor area, a 56sqm courtyard with consented canopy and 24 dedicated on-site car parks – a particularly rare asset for such a property.
Internally, the space is largely taken up by bar and restaurant seating, and there’s a generous commercial kitchen, office spaces and storage to the rear along with male and female bathroom amenities and staff facilities.
There are polished aggregate floors in the main public areas and large bi-fold doors lead out to the front courtyard area which is partially-enclosed with schist walls and features retractable all-weather blinds.
Zhong says the business operation benefits from a large commercial and residential catchment area which is well-resourced.
“The residential homes in the broader area are generally of high value and supported by quality schooling options,” he says.
“These households have strong purchasing power and the North Shore offers them an extensive array of services, including a diverse selection of hospitality venues.
“It will take more than a global pandemic for Kiwis to completely change their social ways and stop meeting at their favourite local entertainment and hospitality spots once it is deemed safe to do so without restriction.
“New Brew Bar has found customers returning with confidence proving that having a beer with mates, enjoying a quiz night or a live music gig, and eating out with family and friends is a big part of the New Zealand way of life.”
