Investors on tap for cellar door premises
Commercial property investors are about to get their fill as one of the top addresses in Auckland’s booming craft beer scene goes up for sale.
With an array of revolving beer taps for tasting or takeaway, Garage Project’s Kingsland cellar door is a landmark for beer lovers. Housed in a former school uniform shop and factory, the multi-awardwinning New Zealand brewer’s first Auckland taproom opened for business at the New North Rd site in 2018.
The cellar door premises generate an annual net rental income of $78,959 plus outgoings and GST, on a lease that runs through to 2025 with a further fouryear right of renewal. The lease agreement incorporates two-yearly CPI rent reviews and a market review at lease renewal.
The freehold land and buildings at 357 New North Rd are being marketed by James Were and Phil Haydock of Bayleys Auckland Central by deadline private treaty closing on Tuesday 18 October, unless sold prior.
Were said the property consisted of an approximately 368sq m standalone building on 422sq m of land with four carparks.
“Constructed in the mid-1960s, this extensively refurbished, wellpresented property encompasses a welcoming retail/showroom area to the front, with mezzanine office space above which serves as Garage Project’s Auckland headquarters.
“Behind this, a converted warehouse area houses a tasting room and chiller. The function space known as The Back Room is well used for intimate gatherings, tastings and meetings with a point of difference.
“The warehouse benefits from a loading dock which is accessed via a driveway along the side of the site,” said Were.
Less than 4km from Auckland’s CBD, the site lies in a fast-growing and vibrant part of the city fringe.
Haydock said the property’s brightly painted frontage gave it an eye-catching presence, capitalising fully on its exposure to New North Rd – a major arterial with nearly 15,000 passing cars on an average day.
“Accessibility is a major drawcard, with Kingsland train station a short walk away and buses departing nearby for the CBD every 15 minutes. The motorway network is just a five-minute drive away,” said Haydock.
Business–Mixed Use zoning under Auckland’s unitary plan supports wide-ranging activities, from the existing food and beverage and retail, to residential and office accommodation and healthcare.
The site has a maximum building height allowance of 21m, higher than typical for the zone.
“Underpinned by its flexible, development-friendly zoning, this area is ripe for further growth and intensification, particularly once the City Rail Link is completed,” Haydock said.