Facelifts keep Grand Lady up to date

The former old Pukekohe Hotel at 227-249 King St, Pukekohe, comprising eight retail outlets. Photo / Supplied

The former Pukekohe Hotel building, now comprising eight retail outlets and 19 residential apartments, is up for sale.

The property, at 227-249 King St in central Pukekohe, is being sold by tender closing at 4pm on Wednesday, November 2 on behalf of receivers, by Jason Woodyard of Barfoot & Thompson Commercial, Pukekohe.

'The redeveloped hotel building complex is now a well-appointed retail and apartment complex with a modern, attractive appearance," Woodyard says.

"It occupies an exceptionally well located site on King St, and Massey Ave, with significant road frontages giving the building a high profile within Pukekohe's ring-road system and exposing the property to a large volume of passing vehicles.

"This is an attractive offering for an astute investor looking for a passive refurbished modern investment product with a strong mix of tenants in a high-traffic-volume area.

"In addition, the freehold property has multiple income streams that generate total annual income of $481,629 if all apartments are occupied."

Woodyard says four mixed-retail tenancies, return $240,089 plus GST per annum, and a further four retail tenancies, totalling 736sqm, are available for lease, providing considerable future upside.

Retail tenancies range from 94sqm to 334sq m and the total retail area is 1637sq m.

The 19 modern apartments on the first floor of the building bring in $241,540 fully occupied.

"The apartments are finished to a good quality standard and are all carpeted with a kitchenette, toilet and shower," Woodyard says.

"They range in size from studio to one bedroom and are accessed from a large common lobby off Massey Ave to the rear of the building."

The total freehold land area is 3108sq m, with 22 sealed carparks and with the building having a large main street frontage with rear access and frontage on to Massey Ave.

Woodyard says the Pukekohe Hotel and surrounding land was purchased in 1873 by James Roulston, who came from Thames.

The original owner is known only as Godkin.

In 1908-09, the hotel changed hands, with John James Graham buying it and the surrounding land. Graham added a dining room on the ground floor and bedrooms above. The building was sold again in 1920, when it was bought by Theo Hodges.

In 1936, New Zealand Breweries bought the hotel, undertaking extensive renovation, completed in 1938 and which included the addition of more bedrooms on the top floor and shops below.

From 1953-54, The Grand Old Lady, underwent another facelift. Bars were redesigned, shops gave way to a public bar in the new wing and the old public bar became a private bar. The entire interior floor of the old portion was renewed and new dining room, guest lounge and cocktail bar, as well as a modernised house bar, were installed - along with a modern kitchen, cool room and dry goods store.

Old sheds at the rear were demolished and a paved yard for carparking was laid.

"The hotel continued to operate for several years after the turn of the century, following which it was redeveloped as a retail and residential complex," Woodyard says.