Four tempting lots on menu at Cooks Beach

Commercial lots at Cooks Beach are for sale, including 19 Captain Cook Drive that houses the popular Go Vino restaurant. Photo / Supplied

Commercial property opportunities come up rarely at the picturesque Coromandel seaside holiday settlement of Cooks Beach, so four lots to be offered for sale at Bayleys Auckland auction rooms on September 22 are attracting considerable interest.

The properties are being marketed by John Hunt and Steve Hinton of Bayleys Whitianga and comprise a restaurant, liquor store, dairy, townhouse accommodation and vacant land.

"The current owner is a farmer in the area who is cashing in his commercial assets to put back into his farming operation," says Hunt.

"This opens the way for investors with an eye on the Coromandel to secure one or more of these sought-after commercial properties of which three have established investment streams."

Hunt says the lots will appeal to "a visionary developer" prepared to bank on the growing appeal of Cooks Beach and who is in a position to buy up all four lots on offer.

"There are approved consents in place with council for new commercial premises with apartments above.

"This would require a total rebuild of the existing shops and consents are in place for four two-bedroom and 12 three-bedroom apartments."

The first business property is 19 Captain Cook Drive, which has the popular Go Vino tapas bar and restaurant on the ground floor and a spacious north-facing three-bedroom townhouse with sea views on the second floor.

"The restaurant enjoys a good reputation year round and features an outdoor dining area to take advantage of the temperate Coromandel climate. There is a lease in place until 2019 to operators Go Lounge, with an annual rental income from the restaurant of $21,000."

The upstairs townhouse accommodation has separate access, generous deck areas and provides a good standard of holiday accommodation for rental or owner occupation.

"An investor may wish to hold the townhouse for their own year-round holiday use or opt to rent it out for part, or all, of the year. There is solid demand for short-term holiday accommodation in Cooks Beach."

At 21 Captain Cook Drive is the Cook Beach Liquor Store, takeaway store plus second-level three-bedroom, one-bathroom townhouse accommodation in average condition. The Liquor Store has a lease in place until 2020 with the established operator, T. P. Madden, paying $21,493 per annum. The adjacent takeaway bar is being rented to a new operator and it is expected that the new lease will be in place by settlement day. The upstairs accommodation is currently leased on a month-by-month casual basis and returns $7626 per annum, bringing the annual total income for the property to $37,659. "The Liquor Store is the only one in the Cooks Beach area and trades well," Hunt says.

The third lot is the Cooks Beach Dairy at 25-31 Captain Cook Drive, an independently owned and operated business that has built up a great trade and has a lease through until 2018, with a review in September.

The current rental is $21,000 per annum. There are also two vacant titles adjoining the dairy premises that would allow for either expansion to include second-level accommodation or a total revamp.

"As this is the only dairy in Cooks Beach, and given that the existing premises could do with a makeover, the potential of this property is exciting," says Hunt. The final lot being auctioned is 35 Captain Cook Drive which is a vacant 546sq m of flat land held in three titles. It is zoned to allow residential-commercial activity, as with the other offerings.

"Close to the beach and with expansive sea views from the potential second level, this is an ideal opportunity for an investor looking to develop a retail or service business."