The property housing the Meadow café, bar and restaurant at 20 St Johns Rd, Meadowbank, Auckland.
A colourful building housing the well known and successful Meadow café and restaurant in the affluent Auckland suburb of Meadowbank is for sale with the security of a long lease to the well-established tenants.
"The property will be leased for 10 years from settlement at $125,000 per annum plus GST and outgoings," says Cam Paterson of Barfoot & Thompson Commercial who, with colleague John Stringer is marketing 20 St Johns Rd for sale by tender closing at 4 pm on Wednesday, September 30 unless it sells earlier by negotiation.
"The rent has been set by market rental valuation and subject to fixed annual rent increases of two per cent excluding renewal dates where the rent is subject to a market review. There is a hard ratchet clause in place, meaning the rent can't be less than the preceding year," Paterson says.
The lease, to be signed on November 1 this year, has an initial expiry of October 31, 2025 with two five-year rights of renewal taking the final potential expiry date to October 31, 2035.
The total 180 sq m building area, including some external covered space, occupies a freehold 446 sq m site zoned Operative Business 1 under the Auckland Council District Plan. The current zoning permits a building height of 10 metres but under the Proposed Auckland Unitary Plan the site has a Business Local Centre zoning with a 16.5 metre height limit.
The restaurant has a capacity for 238 customers using the indoor and outdoor areas. The main building structure of 110 sq m houses the bar, indoor seating, amenities and kitchen areas and is predominantly constructed of concrete block walls with timber board and batten cladding; and metal joinery.
The internal fit out consists of tiled floors; painted plasterboard walls and ceilings; recessed spot lights and suspended lamps. The building is fully equipped with fire sprinklers and has a single ceiling mounted air conditioning unit. The amenities include four stalls plus one for disabled customers that are shared by male and female patrons and which can be accessed internally and from the outdoor area to the rear of the building.
The kitchen has vinyl flooring and encompasses separate cooking, food preparation and
washing-up areas with stainless steel benches, modern equipment and a large walk in refrigerator.
The main building opens to the 50 sq m external dining area which is enclosed by a structural steel frame with a glazed roof and southern wall allowing good natural light penetration. This area is tiled and features the fireplace to the eastern elevation. A further 99 sq m uncovered area is situated to the north. Situated among landscaped gardens, this is concrete tiled and offers a variety of seating options serviced by outdoor gas heaters. Two small stand-alone timber framed structures at the north of the site comprise a small administration office and a dry store both about 10 sq m in area.
The site is rectangular shaped with a frontage to St Johns Road of about18 metres and slopes gently downwards away from the road in a northwesterly direction.
Access to the property is from the St Johns road frontage with a right of way from Meadowbank Rd providing a service entrance.
Stringer says the Meadow is the brainchild of Dana Johnston and Joseph P. Schmidt, the owners and creators of the successful 46 & York restaurant and bar in Parnell.
"This café and restaurant take neighbourhood dining to a new level," Stringer says.
"J.P. and Dana could see the need and opportunity to cater for a wealthy local neighbourhood looking for delicious food served within a tasteful ambience without having to travel into the city.
"The restaurant provides uncomplicated bistro fare and is open for breakfast, lunch and dinner from Tuesday to Sunday. It was designed by famed interior designer Virginia Fisher and extends a warm inviting atmosphere that includes the large north facing outdoor courtyard with its fireplace."
Stringer says the restaurant has traded well in excess of expectations since opening in 2014. "This reflects both a lack of competition and also the demand for a local restaurant and bar in the area. Given the difficulty in obtaining resource consents and liquor licences for this type of business, this situation is likely to remain."
Paterson says the property is situated on the northern side of St Johns Road about 10.2 kms east - or 13 minutes' drive from Auckland's CBD.
Immediately adjacent to the west of the property is a liquor store, convenience store and video shop while an Anglican church is to the ast.
"The surrounding area is predominantly residential with pockets of strip retail along
Remuera Rd and St Johns Rd," Paterson says. "The Meadowbank Shopping Centre is 500 metres to the east, Remuera is 2.8 kms to the west and Glen Innes is 4.1 kms to the east giving the business a wide residential catchment area served by competing café and restaurant providers."