Investors can chew over food outlets
The land and buildings housing four food and beverage businesses in suburban venues across Auckland are on the market for sale.
The quartet are being sold individually by Bayleys Real Estate. Three have hospitality-based business tenancies in place, while the fourth has been occupied by a food and beverage business. The land and buildings housing all four are for sale, not the businesses themselves.
Bayleys retail group sales and leasing director Chris Beasleigh said the agency’s latest menu of premises for sale reflected that the food and beverage/hospitality sector was now an asset within the greater commercial and industrial property market.
“As Auckland’s population continues to grow, so too does the demand for eating and drinking establishments, both from a service perspective and in a geographic location sense,” Beasleigh said.
“That’s why we are seeing more and more ethnic establishments cropping up, along with typical Kiwi venues in emerging suburbs.
“As with any commercial property asset class, there is a turnover of stock as property owners sell up for any myriad of reasons. That is exactly what we are seeing with these three properties.”
In seaside Orewa, north of Auckland, the land and buildings housing The Real Food Kitchen eatery at 8C Moana Ave are being marketed for sale at auction on March 11.
The 50sq m site is tenanted on a month-to-month basis and generates annual net rental of $27,944 plus GST and operating expenses.
“Sitting some 100m back from Orewa beach, yet in the heart of Orewa’s central business district, this premises benefits from parking immediately outside its doors,” Turner said.
Meanwhile, at the upper boundary of Auckland’s North Shore, the land and vacant building at Unit 1, 934 Beach Rd, Torbay, is for sale by private treaty, closing March 5.
The 150sq m premises, with a onethird share of a 1072sq m site overlooking Waiake Beach, previously housed the Tides Kitchen restaurant and a Movenpick ice cream
“The demand for eating and drinking outlets continues to grow.”
outlet.
Bayleys salespeople Michael Ness, Tony Chaudhary and Amy Weng said that with Torbay township some1.3km away to the south, they believed the best future use for the site would be for a single licensed premises.
Nearby, in Albany, the land and buildings containing a Thai/Chinese fusion restaurant known as Black Rice, at Unit 10B, 21 Corinthian Dr, are for sale at auction on March 11.
Bayleys North Shore salespeople Eddie Zhong and Steven Liu said the single-storey 244sq m premises with floor to ceiling windows is on a lease through to 2029, generating net annual rental of $111,343 plus GST and outgoings.
Rounding out the food and beverage premises for sale is the unit-titled land and buildings housing a Chinese eatery known as the Go Go Music Caf in the Wairau Valley on the North Shore. The premises at 16H Link Dr is for sale at auction on March 11.
Bayleys salespeople Millie Liang and Trevor Duffin said the 470sq m eatery was within the Wairau Park ‘big box’ retail and homewares precinct. Go Go Music Caf is on a lease through to 2021 with four further three-year rights of renewal, generating net annual rental of $78,000 plus GST.