The last pub standing in Christchurch’s central city is for sale. The building known for The Rockpool and Micky Finn’s is the only central city bar complex still trading on the same site after the quakes.
Leased in its entirety to a single tenant for 31 years, it’s famous for an extensive pool hall, live music, teapot cocktails, and being open from breakfast through to 3am seven days a week.
Located at 85 Hereford Street between Colombo Street and Oxford Terrace, the property is being marketed by Colliers Christchurch with approximately 8.5 years remaining on a lease returning $510,000 net per annum.
The building is also among the oldest surviving commercial structures in the CBD and one of very few to have predated the 2010 and 2011 earthquakes.
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It sits on 901sq m of City Centre Zone land with nearly 18m of Hereford Street frontage and is held in a freehold title.
Three three-bedroom apartments occupy the upper floor, and the ground floor includes a full-service kitchen alongside the establishment’s well-known bar and entertainment facilities.
Tenant Nikau Holdings Limited operates both bars on the site and occupies the whole building under a clear shell lease.
It has a right of renewal for a further 10 years to July 2044.
Courtney Doig, Director of Investment Sales at Colliers Christchurch, says the key selling features are the location, cashflow, and future upside.
“It’s very seldom freehold properties in that location come up for sale,” she says.
“The opportunity for a purchaser is to cashflow park, landbank, reposition, or rebuild at a later date.”
Christchurch is celebrating the opening of the new stadium this month, along with the events coming to the city in the months ahead.
Visitors will be out and about enjoying all the entertainment on offer in the CBD before and after the sports encounters and concerts.
The City Centre Zone allows for a wide range of commercial, hospitality, residential, and entertainment activities, and the substantial underlying landholding provides long-term flexibility for future repositioning or redevelopment.
The property is offered for sale by auction to be held at the Colliers auction room, Building 1, Level 1, 181 High Street, Christchurch, on Thursday 14 May at 10am, unless sold prior.
- Supplied by Colliers
