Cheers! Raise a glass to popular North Shore pub
A well-known local pub on Auckland’s North Shore is being offered to the market for the first time in 24 years, presenting prospective purchasers with a multitude of options.
At 577 Beach Rd, Rothesay Bay, the British Isles Inn has 292sq m of building area on a high-profile corner site that spans 739sq m.
The property is zoned Business– Neighbourhood Centre under the Auckland Unitary Plan. This designation means it could be developed for an array of uses.
The existing building, which includes residential accommodation on the first floor, sits high on the ridge of the suburb, providing outstanding views to the surrounding area.
Owner-occupiers, investors and developers will likely have a keen eye on this property given the potential on offer.
Colliers brokers Janet Marshall and Mike Ryan are taking expressions of interest with the deadline for offers closing at 4pm, Tuesday March 19, unless sold prior.
Marshall, director of sales and leasing at Colliers, says this site is ready for the next chapter in its story.
It could include an apartment development, an owner-occupier taking over the pub, or an investor purchasing the property and arranging a new lease with the current occupants.
“The beauty of this offering lies in its zoning as the Business– Neighbourhood Centre Zone applies to single corner stores or small shopping strips located in residential neighbourhoods. They provide residents and passers-by with frequent retail and commercial service needs.
“Provisions typically enable buildings of up to three storeys high and residential use at upper floors is permitted. “However, the neighbouring apartment development has been consented for more than three storeys.
“Development is expected to be in keeping with the surrounding residential environment. New development within the zone requires assessment in order to ensure that is designed to a high standard which enhances the quality of streets within the area and public open spaces.
“Alternatively, the new owner may choose to acquire the property as a passive investment and renegotiate a lease allowing the bar to continue its operations.”
The property benefits from the surrounding shops and restaurants that draw people to the precinct. If a residential development was to be constructed, there would be a wide range of amenities for future occupants on the doorstep.
Ryan says the property benefits from an easterly aspect and sea views with Murrays and Rothesay bays in walking distance. “Data from the Real Estate Institute of New Zealand notes that sales of residential property in Rothesay Bay over the past year have generated a median sale price of $1,585,000, indicating the affluency of the surrounding catchment.”