Landmark Mt Eden tavern and site
Long- term lease makes Horse & Trap a stable investment, says
M t Eden’s landmark Horse & Trap Tavern and an adjoining site with resource consent for a seven- level apartment building are for sale.
The t wo properties at 1 and 3 Enfield St, set among a growing enclave of substantial residential apartment complexes, are up for by sale by tender closing 4pm, Wednesday August 2 unless sold earlier by negotiation through Alan Haydock and Damien Bullick of Bayleys Auckland City & Fringe division.
The larger of the two offerings on a 938sq m Mixed Use zoned site at 3 Enfield St encompasses the threelevel character building containing the Horse & Trap bar, restaurant and function venue.
The property i s generating $ 260,000 in net annual rental income from a 15- year lease to the current Horse & Trap operator which runs until 2030 with four rights of renewal. If exercised, these would take the tenancy through to 2050.
Haydock says the building has been seismically strengthened and significantly upgraded by the present owner. “It has been beautifully refurbished both internally and externally and is in immaculate condition. It’s a well- established local bar and dining destination, in addition to being a popular function venue.”
The building dates back to 1914 when a store for W& G Winstone carriers and coal merchants was erected at a cost of £ 1400. A collection of buildings, including horse stables, dotted the site through to Mt Eden Road.
In the late 1930s, Tasti Products, a crystallised fruit manufacturer, moved on to the property and remained for a further four decades. In the early 1990s, the building was converted to its current use as the Horse & Trap bar and restaurant and more latterly as a function venue.
The lower level accommodates The Stables secondary bar area, used mainly for private functions. It is connected to a 117sqm outdoor courtyard and can cater for indoor and outdoor functions for up to 200 people. The Horse & Trap’s commercial kitchen is also on this level.
The main bar and dining area is accessed through the front door off Enfield St and provides a variety of seating options along with a large north facing deck. “This serves a wide range of craft beers and is particularly well known for its popular Tuesday quiz nights which have been held for the past 12 years,” says Bullick.
Another bar and dining area, also used predominantly for private functions, i s on the building’s top level.
Known as The Loft, with character features such as striking exposed wooden beam ceilings and brick walls, it is primarily set up for morning corporate functions with a lunch option. It can accommodate up to 80 theatre- style, 60 in a work group or classroom setting and 25 people boardroom- style. Also on this level is a large staff office.
The neighbouring property at 1 Enfield St, on the corner of Mt Eden Rd, consists of 685sq m of undeveloped land and is used for carparking. Haydock says the vendor, who owns both sites, has added significant value to this property by obtaining resource consent for a seven- level apartment building containing 24 residences plus four ground floor retail units and basement car parking. An increased number of apartments — or potentially hotel rooms — could be achieved by reconfiguring the layout within the building envelope, says Haydock.
“This is an excellent opportunity to secure a superbly located northfacing development site in the Auckland Boys Grammar School zone, with much of the hard work accomplished in terms of obtaining the necessary consents for residential development. A new owner could use the concept plans or create a variation on these, or could formulate new plans.
“The property’s flexible Business-Mixed Use zoning and its strong corner profile with significant exposure to Mt Eden Rd opens up lots of oppor- tunities. It could also lend itself to a boutique hotel or serviced apartments complex.”
Haydock says tenders can be lodged for either or both properties. “Various benefits flow for purchasing the two sites together and as a consequence there’s been quite a bit of interest in the combined package as a long- term investment hold in a strategic Mt Eden location. From a developer’s perspective 3 Enfield St also will generate a significant cashflow while plans are put in place to develop 1 Enfield St.”
Bullick says the property is surrounded by an increasing number of high- end new apartment developments which should enhance the Horse & Trap’s strong local clientele and see the wider location continue to flourish. On the other side of the Horse & Trap, work is advanced on the Miro apartments — 95 one to three- bedroom units — while another large complex is taking shape across the road.
“The location offers very convenient access to multiple modes of public transport, as well as motorways and the CBD. Nearby is the Mt Eden Village retail and food and beverage precinct while the Symonds St ridge precinct is a short stroll away,” he says.
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