Units in mid-city centre
Two units in the Mid City complex at
239 Queen St are up for sale in Bayleys’ latest Total Property portfolio.
One of the Auckland CBD units is a basement area recently substantially refurbished to accommodate a pool and billiards hall; the other is on Level One and leased to a well-established Japanese restaurant.
The larger of the two, Unit B, 239 Queen St, comprises 600sq m of commercial space now occupied by Cue City. It is generating initial net annual rental income of $168,000 from an eight year lease from March 2018, with fixed annual rental increases of two per cent.
The offering will go under the hammer on August 9, unless sold prior to that date. It is being marketed by Nicolas Ching and James Chan of Bayleys’ International Division.
Nicolas Ching says the basement premises, formerly home to a karaoke bar, underwent an extensive refurbishment and refit project prior to Cue City’s occupation. Ching says Cue City has 26 well spread out pool and billiards tables as well as a lounge with a TV and wi-fi access, bathrooms and a staff room.
“It benefits from significant signage to this busy part of Queen St” Ching says.
The other property for sale is a
282sq m unit, substantially renovated and upgraded ahead of occupation by the RYO Japanese Izakaya restaurant in late 2016.
“It is well positioned up a ramp close to the Elliott St entranceway to the centre with good signage exposure on Queen St as well,” says agent Millie Liang.
“With a wide internal frontage of about 16.7m, the restaurant also has a high profile within the centre.”
Ryo Japanese Izakaya is open for lunch and dinner, focusing on seafood and tapas but offering a wide range of Japanese food and beverages.
The licensed restaurant’s current lease runs until November 2020 and there are further rights of renewal through until 2034. It is generating net annual rental income of $108,000 net, due to increase to $120,000 in November this year and to $132,000 in November 2020 (if the first renewal right is exercised).
This property — Unit 2a 239 Queen St — is for sale by deadline private treaty, with offers required before 5.30pm August 9.
Bayleys international sales manager James Chan says the five-level Mid City Centre is situated between the two busiest corners on Queen St — Victoria and Wellesley streets.
“The centre is well-known for its wide variety of shops and food and beverage outlets, which attract a significant level of foot traffic daily.
With entry and exits from both Queen St and Elliott St it is also a main pedestrian thoroughfare between the two streets and its western entrance is directly opposite Atrium on Elliott which is the CBD’s biggest shopping centre.”
Chan says a many people live and work in surrounding commercial and residential buildings and the area draws clientele from a high volume of students studying at Auckland University, AUT and nearby educational institutions.
“It is also close to many of the popular tourist destinations in the CBD and is one of Auckland´s major Asian-focused retail centres. The pool hall tenancy adjoins a larger basement unit which is currently being refurbished.
“This should attract more foot traffic to what is already a high pedestrian count area — to the benefit of other occupants in Mid City.”