The Landing Restaurant & Bar at 2 Onehunga Harbour Rd, Onehunga.
The Landing Restaurant & Bar at 2 Onehunga Harbour Rd, Onehunga.
The former 19th century Manukau Tavern, which is now the fully refurbished Landing Restaurant & Bar on Onehunga's waterfront, is for sale for the first time since undergoing substantial renovations.
"Prospective buyers have a number of options," says Ryan Dixon, of Ray White Remuera who, with colleague Steen Nielsen, ismarketing 2 Onehunga Harbour Rd for sale by expressions of interest via a set date sale closing on November 10 - unless it sells earlier by negotiation.
"It can be purchased as a freehold property with going concern business or without the business, which makes it purely an investment property with a lease in place," Dixon says. "Or, if they wish they can buy the Landing Restaurant & Bar business on its own without the property."
Dixon says the building earns net annual rental income of $130,000 on a lease running for 10 years from January 12, 2015 with one 10 year right of renewal and a final expiry date of January 2035. Rent reviews or reviews to the Consumer Price Index are two-yearly.
He says the offer is essentially a 'turn-key'operation, meaning there is little for a new owner to do except walk in, "turn the key," and run the business with a view to land banking the property for future redevelopment.
The 500 sq m building occupies a 453 sq m site and is zoned Business 4 or 'Business' under the Proposed Auckland Unitary Plan which gives a new owner a variety of development options in the future.
Dixon says the restaurant, bar and gaming room are at ground level with a conference facility and function rooms upstairs.
He says the property has been extensively and lovingly renovated by its owners who have been in the hospitality business for 25 years and have maintained the property to a very high standard.
"They bought the business in 2003 and changed the name from The Manukau Tavern to The Landing. A 48 sq m addition was built to re-locate gaming machines and the restaurant was extended back to its original size.
"Then in 2011 they purchased the building from the landlord and set about restoring the exterior and interior after re-roofing the building in coloured long-run iron."
Aerial view depicting The Landing Restaurant & Bar within its setting - identified lower right by a yellow border.
Dixon says many of its original features such as the largely original wooden kauri floors and the double brick fireplace have been retained. Restaurant tables are made from recycled timber recovered from old buildings at the rear of the main hotel. The 18 machine gaming room features traditional batons and cornices in keeping with the building's age while the bar features American Oak for the tables and stools and covered in high quality Italian leather.
The original hotel was erected in 1865 to provide accommodation to passengers arriving on the Onehunga Wharf. It was one of many taverns along the Onehunga waterfront but is the only one that has survived into the 21st century and has been serving the region for nearly 150 years.
Once owned by prominent New Zealander, Sir John Logan-Campbell, the tavern, much like today, provided accommodation on the top floor with a bar and restaurant on the lower ground level.
Dixon says The Landing is strategically positioned at the heart of Onehunga Wharf precinct and has easy motorway access to the north and south, good car parking, is close to the Onehunga railway station and is near regular bus routes.
It is also close to the local amenities within the Onehunga suburban area containing an estimated 1000 commercial and industrial businesses.
The Auckland CBD is just 12 km away and the international airport is within a 10 minute drive.
Steen Nielson, of Ray White Remuera.
"The Landing has seen increased in turnover since its refurbishment and is likely to benefit from a new four storey commercial building currently under construction a minute's walk away which will house a large number of employees," Dixon says.
Nielsen says the income of the Landing could be increased by developing the function and conference end of the business as well as evening promotions and events with wider marketing.
"This upstairs portion of the property already provides an additional source of income with high end conference facilities and bar but this business could be expanded and marketed for private functions and corporate meetings."
