The distinctive three-level brick building housing the well-known restaurants Da Vinci's and Number 5, at 5 City Rd on Auckland CBD's Symonds St rise, has been put on the market.
"This high profile 459sq m building is divided into two tenancies with long-term leases to two successful and long-established businesses," says Cam Paterson of Barfoot & Thompson Commercial who is marketing the freehold in stratum property for sale by tender closing at 4.30pm on February 19.
"Construction appears to have been completed between 1900 and 1910 with the building having been well maintained and in good overall condition," Paterson says. "Building materials comprise brick walls with wooden flooring and a tile roof.
"The structure originally would have been a large residence but it has served for 30 years as a venue for fine dining. The tenancies divide the property tidily with separate access from the street level and via an accessway to the west of the main structure."
Paterson says the total rental earned by the property is $135,000 per annum plus GST and outgoings.
The tenant Platinum Phoenix, operating as Da Vinci's restaurant, leases the lower 184.01sq m area which is mainly occupied by a large open restaurant and bar accessed to the west of the building via stairs leading to a landing area and the restaurant entrance.
"The main level offers alfresco dining with a pleasant sunny deck which wraps around the majority of the tenancy," says Paterson. Da Vinci's was established in 1980 and has a loyal Auckland clientele attracted by its well-priced northern and southern Italian regional dishes.
A six-year lease commencing on September 24, 2014 offers two three-year rights of renewal and generates $35,000 per annum in rent.
The larger ground and upper levels of the building total 274.99sq m and are leased to M. Lutz operating as Number 5 restaurant. The five-year lease with three five-year rights of renewal earns $90,000 annually and also commenced on September 24, 2014.
Number 5 restaurant is accessed directly from City Rd with the restaurant and bar at street level. The upstairs area is mainly used for corporate and private functions.
"This business has been operating for several years and has an excellent reputation as a fine dining establishment," says Paterson.
He says the property has a Category 2 Heritage listing and is situated in the heart of the Auckland's tertiary education precinct with a prominent position on City Rd which serves as a feeder inner city street between the main CBD arterials of Queen St and Symonds St.
"The immediate surroundings include some major office accommodation facilities, hotels and residential apartment buildings. The immediate precinct has been subject to significant growth in recent times and several new residential developments are planned nearby to cater for the increasing demand for accommodation in the area," says Paterson.
The Auckland Central Area property is designated Strategic Management Area 5 under the council's operative plan and City Centre under the Proposed Unitary Plan.
Paterson says a wide range of uses are permitted under the SMA 5 zoning including commercial and residential. Some basic controls under the zoning are a height of 50m, a basic site intensity of four-to-one and a maximum of site intensity of six-to-one. He says the building has a seismic rating of 31 per cent of New Build Standard (NBS) but the owner has an engineering report from Seismic Performance outlining works required to improve the building to 70 per cent of NBS.
What's on offer?
The property: Three-level historic CBD brick building
Location: 5 City Rd
Agency: Barfoot & Thompson Commercial
Sales method: Tenders closing 4.30pm on February 19.
• Leased to two popular and established restaurants.
• Generates annual rent of $135,000.
• Freehold in stratum.
• In heart of tertiary education precinct.
• Seismic report for building improvement to 70 per cent of NBS.