‘Foodie and art precinct’ in Thames for auction

A historic Thames building where 3.5 tonnes of baking soda was used to strip layers of paint from the property's bricks is for sale.

The 90-year-old building, at 715 Pollen St, was once a bus depot. It was built in 1927 using bricks from an old pump house but restored and strengthened by local identities Trish and Dave Malanaphy, who bought it in 2011.

The 500sq m building sits on a 756sq m site and the couple turned it into a “foodie and art precinct” in 2013. It houses Melbourne Cafe, one of the most popular in Thames, and several smaller tenancies, including an art shop, deli, mustard maker, and gin distillery.

The property is for sale by auction on October 31 through Bayleys Waikato salesperson Josh Smith, who said the building is a masterpiece of renovation in the industrial style reminiscent of New York's warehouse loft conversions.

“It has been transformed into a modern work of art, effortlessly combining old and new, and would seamlessly fit into any major city globally,” Smith said.

“The owners wanted to retain historic features as well as adding a modernised touch. It has had a complete refit to heritage standards. A new extension for the distillery has been designed to fit in with the refurbished older building.

The property has dual street frontage to Pollen and Kirkwood Sts, and returns a combined yearly net income of $98,000.

The cafe and five other tenants are on leases with expiry dates ranging from 2022 to 2032. “If a tenancy is relinquished at the expiry date there would be little problem filling the space,” Smith said.

“The building has become so well known that seats in the cafe are at a premium at weekends, and it is busy through the week.

“The property has all the fundamentals — a strengthened and refurbished building, strong anchor tenancy, demand for smaller tenancies, and a good income.”

It is situated in Grahamstown, the heritage part of Thames, where buildings harking back to the gold rush days have been kept and preserved.