Stage set for new owner of The Shakespeare pub
Steeped in history, “The Shakespeare” is a central Auckland hospitality destination that has been serving loyal patrons since the 19th Century and is now being presented to the market for sale.
Originally built in 1898 and prominently positioned on a corner site at 61 Albert St, the property has 920sq m of floor area across five levels, including the basement.
The eyecatching, architecturally designed heritage building is home to boutique accommodation, a restaurant, pub and the oldest microbrewery in New Zealand that has been operating for nearly 40 years.
The property benefits from its long-term tenant with a lease that runs to a final expiry date in 2029, providing $213,400 plus GST in annual rental income with an additional $31,000 plus GST in annual chattels rent.
The 202sq m site is zoned Business–City Centre Zone under the Auckland Unitary Plan.
Sitting across the road from Mansons TCLM's new premier office tower development known as Fifty Albert, which is due for completion in 2024, and the new Holiday Inn Express and Voco hotels, The Shakespeare will also be a short walk from the City Rail Link’s Aotea Station when it opens in 2024.
Colliers brokers Tony Allsop and Matt Plowman have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Thursday 9 June, unless sold prior.
The strong tenant covenant is underpinned by the fact the property provides multiple income streams with the main bar located on the ground floor with access points from Albert St and Wyndham St.
The space incorporates high ceilings, exposed brick walls and is decorated in a traditional English pub style.
Behind the bar itself is the microbrewery operation, which pumps out the selection of tasty craft beers that The Shakespeare offers on tap.
The first floor is made up of a restaurant and bar area with a similar character look and feel to the ground floor. It also has an outdoor terrace dining area that wraps around the building and is suspended over both Albert St and Wyndham St.
The top two floors of the building provide 10 rooms of boutique accommodation of varying sizes that were renovated in 2005. There’s a three-bedroom manager’s accommodation offering and office on the second floor. The former basement cellar was converted into an intimate restaurant in the 1980s but is currently used for storage.
Allsop, director of investment sales at Colliers, says the building has a fantastic profile. He adds that this marks the first time the central-city landmark property has been on the market since 2008.
“Designed by the prominent Auckland architectural practice E. Mahoney and Son, The Shakespeare is an example of late Victorian urban corner pub architecture, and the building presents ornately detailed facades to two streets,” Allsop says.
“The Italianate design structure of four storeys plus basement was constructed of pale brick and, according to historical records, incorporates bandings of red brick imported from Melbourne.”
Plowman, investment sales broker at Colliers, says the building defines the surrounding area.
Both national institutions and international developers have responded to the intrinsic value of this quarter of the CBD by developing on an unprecedented scale.
“Lower Albert St has recently gone through a complete transformation as part of the development of the $4.4 billion City Rail Link project.
“The now-tiled footpaths have been widened to improve the pedestrian experience and visual appeal of the street,” Plowman says.
“The City Rail Link tunnels follow the roading underneath Albert St to the Aotea Station with the nearest station entrance being only 215m away from the property.
“The Shakespeare’s prominent corner position is sure to benefit from the area’s increased worker and tourist population with 720 hotel rooms and 29,940sq m of office space across three towers either under construction or recently completed in the immediate vicinity.”