Refurbished Tawa bar now for sale
‘‘The building is currently being converted from five shops into a restaurant, bar and a hairdressers.’’
Tawa’s newest bar, which comes complete with a garden area, is up for sale.
The building, on the Main Rd, is currently being converted from five shops into a restaurant, bar and a hairdressers.
When complete, the property that sits on 1012 square metres of land, will have 380 square metres of hospitality space plus a 143 sqm garden bar, and car parking to the back.
The 450 square-metre building is next to the Tawa Public Library and has two retail tenants - Tawa Hospo and hairdresser Salon Savoy.
Bayleys real estate agent Grant Young, who was marketing the property with his colleague Jim Wana, said it comprised of a single-storey building of five retail shops built in the 1970s.
The current rateable value is $1.04 million.
Work is still on-going at the property, including replacing the roof, laying asphalt in the rear carpark, finishing a seismic upgrade up to 70 per cent of the new building standard, creating the rear garden area, new shop fronts, and the cafe and bar fit-out.
Tawa Hospo has a 10 year lease, while Salon Savoy is on a four year lease - both with the right of renewal.
The property is 1.5 kilometres from the motorway at the Grenada North access to the south.
Main Rd is the major thoroughfare through the Tawa town centre and is surrounded by retail and industrial businesses and residential properties.
The bar is the lastest in a line of recent developments in the area including Countdown and Tawa Junction, with Outlet City (formerly Dressmart) to the south.
Outlet City was sold in April to Nelson investment company Thompson Property Group for in excess of $10m.
The 5500 square metre building - which sits on 3.36 hectare site on Main Rd - was sold by Wellington company PrimeProperty Group.
Originally known as Dressmart, the outlet centre opened in 2002.
It was purchased by PrimeProperty in 2013, who rebranded it Outlet City in a move to align the centre more with the internationally recognised description of discount or factory outlet shopping.
Five shops have been converted into a bar in Tawa.