Venue offered in mortgagee sale

Park Estate on Pakowhai Rd is being sold by mortgagee tender. Photo / Supplied

A boutique winery and hospitality operation in Hawke's Bay has been placed on the market for sale by mortgagee tender.

Park Estate located on Pakowhai Rd is a winery, restaurant and function centre. The property, on two titles, is being marketed by Bayleys Hastings agents Glyn Rees-Jones and Hadley Brown.

Park Estate was started in the mid-1990s, and produced several varieties under the label of the same name. However, in recent years the business has diversified production into an organic fruit juice and beverage operation currently leasing the land and building.

The alfresco-style restaurant, with seating for 70, includes a mezzanine floor and flows to outside areas, making it popular as a function centre. It features high studs with raised Spanish-style parapets, plaster walls, concrete tile roof, and wood-framed windows.

The property has a capital value of $2,070,000, made up of land value of $885,000 and improvements of $1,185,000.

Mr Rees-Jones said potential purchasers had the option of buying the entire property or separate titles, offering a variety of investment opportunities.

He said the location, signage, quality improvements and purchase options should have wide appeal for potential buyers.

"Pakowhai Rd is part of a major traffic route linking the expressway with Hastings city and Park Estate signage is the only individually identified restaurant on this well-frequented route."

Hadley Brown said: "There is a large area of sealed parking with access to the front of the restaurant, in addition to further parking by the warehouse and shed areas."

Since the 1990s, improvements have been carried out to the interior of the restaurant. Further improvements have been made to the production winery/juicer building with dry store, bottling area, office, laboratory, toilets, implement shed, workshop and other supporting buildings.

It is being sold by mortgagee tender on November 7.