Albany investment opportunity with successful tenant in place

A well-positioned Albany industrial investment property, with a successful long-standing hospitality tenant, is for sale.

Unit A, 49 William Pickering Drive, Albany is one of four industrial unittitled properties on a large site located near the junction with Rosedale Road, and zoned BusinessLight Industry.

It has been home to New Brew Bar for nearly 20 years and there is a 9-year lease from September 2014 with annual reviews and a 6-year right of renewal in place, returning a net rental of $130,571 plus GST.

Bayleys agents Eddie Zhong and Millie Liang are marketing the property which is to be sold by auction on June 24.

Zhong says the property was built in 2001 and developed into a bar and restaurant with a good quality fitout. New Brew Bar has operated from this site since 2002, with its current business owners, Julian and Veronica

Dapena, taking over in 2012.

Subsequent improvements have been made to the property, with the main feature being a covered front courtyard area which extends the venue’s footprint with outdoor seating areas.

“This is a well-performing hospitality operation that has cemented its place in the local community and has generated good returns,” he says.

“New Brew Bar has grown a loyal customer base and worked hard to establish a strong reputation for good food and all-round hospitality, and its owners are looking forward to continuing this for many years to come.

“Throughout the Covid-19 lockdown and subsequent alert levels, the business remained in contact with its regular customers through social media channels and offered online ordering and collection for meals, along with live music performances via Facebook.

“The business has shown resilience and adaptability and it’s seeing a steady return of its local clientele as alert level restrictions ease.”

Liang says retail/industrial units in the wider Albany area have proven popular with investors for some years now, and even during lockdown, deals were being completed.

The property has 368sqm of floor area, a 56sqm courtyard with consented canopy and 24 dedicated on-site car parks – a particularly rare asset for such a property.