Heritage building restored to its former glory fit for new owner

The 90-year-old building at 715 Pollen Street, was once the depot for buses travelling to Auckland but now houses Melbourne Cafe among others. Photo / Supplied

A historic Thames building where three-and-a-half tonnes of food grade baking soda was used to strip layers of paint from the property's bricks is on the market for sale.

The 90-year-old building at 715 Pollen Street, was once the depot for buses travelling to Auckland and further afield. It was constructed using bricks from an old pump house but after decades of industrial use it was restored to its former glory six years ago.

At one time, buses drove through the building leaving behind a run-down depot and layers of paint which were bought in 2011 by local identities Trish and Dave Malanaphy.

It took the Malanaphys 12 months of battling red tape, a lot of time on renovation and finding a modern use for the 500 square metre 1927 building on a 756 square metre site. It was reopened in 2013 as a totally refurbished and earthquake strengthened, with huge steel beams, "foodie and art precinct".

It now houses Melbourne Cafe, one of the most popular in Thames, and a laneway with several smaller tenancies, including an art shop, deli, mustard makers and the recent addition of a gin distillery.

The property is being marketed for sale by auction on October 31 through Bayleys Waikato salesperson Josh Smith, who said the building is a masterpiece of renovation in the industrial style reminiscent of New York's old warehouse loft conversions. "It has been transformed into a modern work of art effortlessly combining old and new and would seamlessly fit into any major city globally.

"Throughout the project the owners wanted to retain the historic features as well as adding a modernised touch for comfort and convenience, It has had a top of the range complete refit to heritage standards. A brand new extension for a distillery has been added to the side, designed to fit in with the refurbished older building.

The property has dual street frontage to Pollen and Kirkwood Streets for tenants and customers, with entry to the cafe on Pollen Street, the town's main street and one of the most tenanted in New Zealand.

The multi-tenanted property, anchored by Melbourne Cafe, returns a combined yearly net income of $98,000. The cafe and five other tenants have space in the building on leases with expiry dates ranging from 2022 to 2032. "If a tenancy is relinquished at the expiry date there would be little problem filling the space," Mr Smith said.

"The Depot building has become so well known that seats in the cafe are at a premium at weekends and it is busy through the week with locals and business people. "It is used by travelers looking for a city vibe and celebrities taking a break while on their way to holiday homes on the Coromandel."

The cafe has a large high stud ceiling and there is an adjacent communal courtyard for outdoor seating. "The laneway is a shared space with five smaller tenancies offering a variety of niche shops," Mr Smith said. "The idea was to create flexible spaces for local businesses to flourish.

"The property would be ideal for a commercial property investor to add to their portfolio. It has all the fundamentals - a strengthened and refurbished building to modern standards, strong anchor tenancy, demand for the smaller tenancies and returning a good income."

Classed as one of the "funkiest" buildings in the town, it is situated in Grahamstown, the heritage part of Thames, where old-fashioned buildings harking back to the gold rush days have been kept and preserved.

Thames was formed from two historic towns, Grahamstown and Shortland, of which many original buildings still stand. The two towns became Thames in 1874 after it emerged the heart of the gold rush and fields was in Grahamstown.

At one time Thames was the second-largest city in New Zealand behind Dunedin and ahead of Auckland. After the gold began to diminish, so did Thames' population, although not substantially, and it has remained relatively stable ever since.