A heritage-listed building in a prominent city-centre lane provides investors with an opportunity to secure an important piece of Auckland’s hospitality history.
Known as the ‘Queens Ferry Building’ since 1865, the commercial premises on 118sq m (more or less) of freehold land at 12 Vulcan Lane is a registered Category 1 property under New Zealand’s Historic Places Act, which recognises its aesthetic, architectural and cultural significance.
Bayleys Auckland City & Fringe team director Alan Haydock says the building is a rare and unique offering for the market, being multi-tenanted and returning a pleasing income whilst retaining bygone elegance as one of the city’s longest-running licensed premises.
“Being the oldest licensed pub in Auckland, the establishment presents an unmatched opportunity for a new owner to secure a part of the city’s storied hospitality legacy, forgoing none of the traditional investment fundamentals that see commercial assets stack up.
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“A popular watering hole just off Auckland’s ‘golden mile’ of Queen Street, Vulcan Lane is a trendy retail and hospitality destination, with the premises a rare surviving example of Victorian-era row architecture.
“A sign of the times, this style of architecture is less commonplace and retains a more intimate public house tradition which remains popular with punters today.
“The ornate façade with its intricate detailing, mouldings, and embellishments makes the premises hugely popular with passing visitors and tourists, giving it a natural edge as a trophy boutique investment in a key revitalisation precinct.”
Haydock is marketing the premises for sale with colleague Damien Bullick.
The property is offered for sale by tender, closing at 4:00 pm on Tuesday, 20th June 2023 (unless sold prior).
Positioned in the heart of Vulcan Lane in Auckland’s CBD precinct, the building is surrounded by a range of rich amenities, benefitting from robust visitation from locals and tourists alike.
“Being such an iconic building, the property has proven popular with tenants and returns a total of $272,435 plus GST and outgoings per annum from several tenancies, including a hospitality operator.”
Comprising three levels with a net lettable area of 314sq m (more or less), the premises features a seismic assessment of 50 percent of New Building Standard in Business – City Centre zone.
Bayleys Auckland City & Fringe associate director Damien Bullick says several tenants occupy the premises with varying lease arrangements, including the Confidential Bar & Eatery, an all-day venue with alfresco lane dining permissions.
“The lane features a rich history of hospitality patronage, and legend has it, there remains a tiny doorway downstairs which once served as an entry for transient sailors.
“On any given day, you can find city workers sitting next to tourists, providing a substantial operational catchment for tenants.
“In addition, Vulcan Lane serves as an accessible pedestrian route which stands to benefit from the Auckland Council’s $44 million CBD upgrade and recently completed revitalisation of Commercial Bay and the Britomart Precinct.
“These developments will continue to attract visitation, including from international cruise operators docking at the Queens Wharf Cruise Terminal,” he says.
- Article supplied by Bayleys
