Eating out option in prime spot

ARESTAURANT and wine bar in the hub of Wellington City’s dining district is selling for below its set-up cost.

Uncorked on Cuba, at 201 Cuba St, is for sale by negotiation.

‘‘It’s expected to sell for less than the value of its chattels and the cost of the fit-out,’’ Neil Forde, of ABC Business, says.

‘‘The vendor is looking to sell because they have a winery in Akaroa, business interests overseas and a young family, so they have found themselves over-extended time-wise.

‘‘Mr Forde says everything about the restaurant and wine bar, from the kitchen to the tables and chairs, is of the highest standard.

‘‘Virtually everything is brand new.

‘‘What’s more, it’s not only fully equipped with top chattels but it’s also in a premium dining location, alongside other renowned Wellington establishments like Logan Brown, El Matador, Cuba Street Bistro and The Flying Burrito Brothers.’’

Uncorked on Cuba seats 80 people over two levels and has a three-year lease that expires in October but which has three threeyear rights of renewal.

‘‘It doesn’t expire finally until 2023,’’ Mr Forde says. ‘‘Rental is $80,000, plus gst, a year.’’

As befits its name, Uncorked on Cuba has specialised in wines— new and classic, New Zealand and European – where cork is part of the wine-making technique and allows the wine to mature.

‘‘It also stocks Wellington craft beers and serves gorgeous cheese platters and Italian-style flat breads,’’ Mr Forde says.

‘‘The business is being sold as a going concern but it is envisaged that the new buyer would introduce their own food concept.

‘‘So this is a great opportunity for someone looking to enter the Wellington restaurant industry.

‘‘All the fit-out has been done and all serious offers will be entertained.’’ The value of the chattels is $199,000.

For more information, contact Neil Forde on 499 1538, 027 445 8507 or at: neilf@abcbusiness.co.nz.