A trio of Indian restaurant properties
Three Auckland restaurant properties, in Mt Eden, Birkenhead and Stanmore Bay are for sale by auction and offer their buyers a variety of future options.
The properties are featured in Bayleys’ latest Total Property portfolio. They will be auctioned individually on June 21 and will not be sold earlier.
John Algie of Bayleys North Shore Commercial, who is managing the sales process, says the three restaurant properties are all strongly positioned in high-profile locations.
“They are very attractive, wellmaintained, converted, character residential premises with a mix of indoor and covered outdoor dining,” Algie says.
“They are operating as Indian restaurants but would suit a range of uses.
“The properties present opportunities for investors, particularly those looking to add value; owneroccupiers and for developers given the favourable land zonings under the new Unitary Plan on two of the properties.”
The Mt Eden property is in the periphery of Mt Eden Village at 510 Mt Eden Rd, on a high-profile 554sq m site at the corner with Disraeli St.
“It’s a stylish converted character villa with a wide veranda, which is part of the dining area, facing Mt Eden Rd and has beautifully-detailed highstud ceilings,” says Scott Kirk of Bayleys Auckland, who is marketing the property with Algie and with Adam Curtis of Bayleys North Shore Commercial.
“The Indian Lounge restaurant occupies the 200sq m ground floor and there is also a 206sq m basement.
“This could lend itself to a variety of uses in the future, including residential.
“The site’s favourable Mixed Use zoning allows for both residential and smaller scale commercial activities. The site could also have further development potential, subject to obtaining the necessary resource consents.”
North of the Harbour Bridge, the Birkenhead property at 188-189 Hinemoa St also has a high-profile location in the Highbury Town Centre.
Algie says the 835sq m freehold site has significant longer-term development potential, with holding income in the interim. He is marketing the property with Curtis and with Damian Stephen, also from Bayleys North Shore Commercial.
“The underlying Town Centre zoning allows for significant intensification, and the elevated nature of the ridgeline site has the potential to make the most of sweeping harbour and Auckland CBD views,” says Algie.
The building is a substantial villa converted to restaurant use and occupied by Chutney Mary fusion Indian restaurant.
“Polished timber floors, large wooden windows, a high ceiling and a wraparound covered deck area, provide plenty of character appeal,” he says. “Below the restaurant is a vacant office area, previously used as accommodation, which offers an immediate add-value opportunity.”
The property is two buildings away from Birkenhead library and close to the central roundabout which is at the hub of the Highbury retail centre. The town centre has recently undergone a variety of Auckland Council funded improvements to public space areas and the NZ Retail Property Group, which owns the Highbury Mall, is proposing a major redevelopment encompassing expanded retail as well as high-rise apartments.
A number of apartment and accommodation complexes have recently been completed in the town centre, including a multi-level building next to the restaurant.
The Stanmore Bay property at 195 Brightside Rd encompasses a 276sq m building, trading as the Paprika restaurant, on a substantial 1783sq m elevated site overlooking Stanmore Bay. A block away from the beach, it is predominantly surrounded by residential homes and could be converted back to a residential dwelling given its Residential zoning, says Curtis, who is marketing the the property with Algie and with Jeremy Milton from Bayleys Whangaparaoa.
“However, it’s a significant hospitality venue in this popular seaside township, with high-profile exposure to a busy through-road. It’s a quaint character restaurant with timber floors, great natural light and a distinct ambience, with an enclosed outdoor deck area providing multiple outdoor dining areas.” For more content and thousands of listings, go to www.truecommercial.co.nz