A well-known bar and liquor store operation in Welcome Bay in Tauranga is being placed on the market for sale, offering prospective purchasers the opportunity to secure a strategic asset in one of the country’s fastest growing cities.
Located at 250 Welcome Bay Road, the property is home to the Welcome Bay Sports Bar & Grill and a Super Liquor store.
There is 836sq m of total floor area and a 235sq m deck on a 5,144sq m freehold site that is zoned Commercial.
The current occupants have an expiring lease that runs until March 2026 and provides $202,000 plus GST and operating expenses in annual rental income.
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The property could suit an owner-occupier that wants to take over this well-established liquor store and bar with gaming machines or alternatively the existing tenants have expressed a desire in extending their stay at the site, making it appealing to investors.
Adjoining the vibrant Welcome Bay shops, the property has dual access ways to and from the busy Welcome Bay Road. The property is only 15 minutes from Tauranga’s CBD and 25 minutes from downtown Mount Maunganui.
Colliers Brokers Simon Clark and Duncan Woodhouse have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Thursday 1 June, unless sold prior.
The location of the property means it enjoys a largely north-facing aspect with spectacular inner-harbour views through to Mount Maunganui.
The bar and restaurant area comprises a large open plan bar, secondary bar area that includes gaming machines, bathroom facilities, an enclosed and covered deck, and an open outdoor dining area on the eastern side of the property.
There is also a manager’s office, staff bathrooms, two separate chillers, storage area, and a commercial kitchen.
The retail liquor tenancy is situated to the rear of the building and is accessed from the western side of the property. The front area comprises the liquor wholesale area with double entry doors, covered decking over the entry, and the store includes direct access to the chillers and storage area.
Clark, Managing Director at Colliers Tauranga, says there’s a range of options available to buyers depending on their vision for the property.
“An owner-occupier would have the opportunity to come in and eventually operate from a high-profile site that serves multiple suburbs given Welcome Bay is easily accessible to nearby localities such as Ohauiti and Oropi,” Clark says.
“The lease provides unique powers on the tenant to sell any plant and equipment as well as transfer licences to the property owner at the end of the lease.
“On the other hand, a passive investor may choose to extend the lease of the current occupants who have proven to be successful proprietors or future commercial development of the site is another option.”
Woodhouse, Commercial and Industrial Sales Broker at Colliers Tauranga, says the city of Tauranga continues to experience rapid growth making it a highly appealing location for buyers.
“Data from Infometrics notes the regional economic growth of Tauranga in 2022 was 8.1 per cent, which was larger than the national figure of 5.3 per cent,” Woodhouse says.
“The population of the city has expanded during the past five years making it one of the fastest growing cities in the country.
“The growth in population and sound economic fundamentals make Tauranga an attractive investment location and we encourage all interested parties to contact us immediately to explore their options with this outstanding offering.”
- Article supplied by Colliers
