Top earner in a great location
OFFERS CLOSE on April 12 for two of Northland’s top food and beverage businesses. Alongside and 35 Degrees South Aquarium Restaurant and Bar adjoin each other on a private wharf in the Bay of Islands and have a combined a seating capacity of 460 patrons.
Casual-dining 35 Degrees South Aquarium Restaurant and Bar opened at the end of 2013, after a major refurbishment of a dated hospitality operation that had been running in various guises for several decades; the Alongside function venue opened in December 2013.
They have been strategically developed to complement different sectors of Paihia’s hospitality market, says Bayleys’ tourism and hospitality group manager Paul Dixon, who’s marketing the licensed Paihia Wharf entities with Carolyn Hanson.
‘‘The name 35 Degrees South Aquarium Restaurant and Bar encapsulates the business’s service offering – a restaurant and bar with a target market of walk-in diners or those seeking a casual drink.
‘‘Alongside is a larger and more open-plan venue suitable for larger groups and functions – such as weddings, sizeable birthday or anniversary groups, parties, and corporate functions.
‘‘The outside deck - much of which is under canopy and umbrellas for shade – totals 600 square metres.
‘‘Sitting above the waterline, the wharf/deck creates an atmosphere few other destinations in Northland can replicate.’’
Hanson says the two venues also offered efficiencies of scale in stock purchasing, staffing, and backoffice administration.
Combined, they employ 25 fulltime staff year-round and an additional 20 part-timers over the busy summer period, making them one of the largest food and beverage operations in Northland – where they turned over more than $3 million in the 2016/17 financial year.
Unless booked for private functions, 35 Degrees, which has a Martin Bosley-designed menu, only operates for lunch and evening dinner service. Alongside is open for breakfast, lunch and dinner, with most of its functions being held in the later part of the day.
‘‘Right from the outset, the business owners carefully analysed food and beverage spend patterns for not only Paihia Wharf but also the nearby town, and Russell on the other side of the bay,’’ Hanson says.
‘‘With a proliferation of ‘coffee and muffin’ style food outlets in both locations they have chosen not to compete in that sector – and it’s a decision which has proven to be totally apt.
‘‘Late afternoons and evenings are when both 35 Degrees South Aquarium Restaurant and Bar, and Alongside come into their own – at a time when they dominate the hospitality and functions market in Paihia.
‘‘With the ‘engine room’ of the businesses – the kitchen and bar infrastructure, and customer toilets – physically straddling the two entities, each can, and do, operate simultaneously while serving different bookings or audiences.
‘‘Their location right on the Paihia waterfront – immediately adjacent to the town’s central park, and at the entrance to the departure point for virtually all of the bay’s marine-related tourism activities – means 35 Degrees South Aquarium Restaurant and Bar enjoys substantial profile to foot traffic and is often the default venue of choice for walk-in customers.’’
Both venues are on 10-year leases through to 2023, with a further 10-year right of renewal and another seven-year right of renewal after that. Rental on the two properties is $302,000 a year.
Dixon says the two businesses would suit an existing restaurant operator looking to step up in size and scale. ❚ For more information, contact Paul Dixon on 022 091 7399 (paul.dixon@bayleys.co.nz) or Carolyn Hanson on 021 380 806 (carolyn.hanson@bayleys.co.nz).