US beckons for pub owners

The Malt House has a family restaurant, a bar and outdoor areas. Photo / Supplied

The high-profile retail building at Greenhithe that houses the popular Malt House village pub is for sale on the North Shore because its owners are emigrating to the United States.

The freehold property at 10 Greenhithe Rd, Greenhithe, is being marketed by Colliers International brokers Andrew Hiskens and Deborah Dowling, and will be auctioned on February 24 on site.

Hiskens says the complex has a strong combination of multiple, settled tenants with good established businesses.

"It is a standalone suburban retail property with a solid blend of income and tenants who have been here for a while and it is well placed in the middle of a growth area. Because it has been attractive to tenants, it has never been vacant."

Hiskens says the property would appeal to investors looking for stable, well spread income from reliable tenants in a developing area.

"It should provide rental upside over the short, medium and longer term and will appeal to family trusts and others looking for a strong passive investment."

The property occupies a 2054sq m site along Greenhithe Rd and comprises a single, colonial-styled building with a net lettable area of 643.2sq m made up of 548.2sq m ground floor retail and 95sq m on the first floor that generate annual rent of $187,335. It also has a second level living area of 95sq m residential flat included in the Malt House lease.

A veranda surrounds the building, which has two gable roof profiles along the front. Additional features include a veranda around the ground floor and small deck off the second-level living accommodation. The northern deck adjoining the tavern has been extended and a concrete patio laid.

Kevin Wall bought the property in 1987, when it was trading as a landscape supplies company yard, with a long-term plan to bring a local pub to Greenhithe.

"As a born and bred West Coaster, who has always enjoyed a good beer and local socialising, it seemed just what the area needed," says Wall. The building was completed during 1997.

Wall says he regrets selling. "But we need to move on with our lives as my wife Raewyn and I have won the Diversity Visa Lottery giving us eligibility for a Green Card [US permanent resident's card] and a working life in America, which has been our lifelong dream."

The property has five tenancies with the Malt House having signed up for a six-year lease in February 2009 with one six-year right of renewal that ends in December 2021. Occupying 355.33sq m, the tenancy is due for review next June.

The Malt House is described as "the quintessential village pub, the place in Greenhithe to relax with family and friends over a pint". It has a family-friendly restaurant, the Stella Bar, outdoor areas with covered eating and a wood-fired pizza oven.

Alongside sits Fishes Takeaways, which occupies 46.47sq m on a three-year term with two three-year rights of renewal that will end in 2012 if all renewals are exercised. The next review is due in December this year.

Harcourts operates a branch from the building on a three-year lease term with two five-year rights of renewal, due to end in mid-2013. The Barber's Chair hairdresser leases 41.19sq m next door on a two-year term with two, two-year rights of renewal that began in December 2006 and end in 2012.

The final tenant is the local bakery, which occupies a 49.12sq m store and 7.78sq m storage unit on a two-year term that began in January 2010.

The property is to the western side of Greenhithe Rd, about 100m north of the intersection with Tauhinu Rd.