The land and buildings occupied by the Sandbar bar and restaurant are for sale at 109 Mana Esplanade, Paremata, north of Wellington. Photo / Supplied
The land and buildings occupied by the Sandbar bar and restaurant are for sale at 109 Mana Esplanade, Paremata, north of Wellington. Photo / Supplied
The freehold land and buildings comprising busy Sandbar bar and restaurant, on Mana Esplanade, in coastal Paremata north of Wellington, have been placed on the market for sale as ideal an investment property.
"Trust Porirua owns the property and has made a business decision to sell," says Fraser Press ofBayleys Wellington who, with colleague Jon Pottinger, is marketing 109 Mana Esplanade for sale by tenders closing on December 6.
"This is a classic hands-off investment property with a proven, longstanding tenant locked in place through until 2022," Press says.
The 272sq m building occupies a 865sq m freehold site which has good car parking,
"The property earns net annual income of $106,850 plus GST and, given the dire shortage of well-tenanted, quality commercial investment opportunities in the wider Wellington region, we're expecting strong demand from prospective buyers."
Press says the bar and restaurant is an integral part of the social scene for Paremata locals and a popular destination in the broader Mana area.
"Sandbar has been operating on the site for 16 years and the business renewed the lease in 2006 for a further 16-year term."
Built in 1997 as a retail liquor store, the property was refurbished and developed into a well-configured bar/restaurant in 2001. It's located among other retail and hospitality businesses on the western side of Mana Esplanade – effectively State Highway 1 – around 30km north of Wellington city.
The interior of the Sandbar features exposed timber sarking and chapel-styled ceilings. Photo / Supplied
He says Sandbar is under innovative management and has a weekly schedule of live music and an established track record of hosting special events. The team regularly coordinates groups of people to travel by bus to city sporting fixtures and to attend regional horse-racing days, along with cranking up the big screen in the bar to cover the latest sports' action.
The bar's interior features exposed timber sarking, chapel-styled ceilings and good flow out to the garden bar area.
"The property is strategically-positioned and is a popular 'go-to' venue for a beer and bite to eat for residents in and around Paremata, Pauatahanui and Plimmerton.
"Changes to roading infrastructure in the area are predicted to have minimal impact on the day-to-day business of Sandbar as the establishment is so ingrained in the local community and not dependent on passers-by," says Press.
"Other hospitality operators come and go but Sandbar has stood the test of time and with 16 years under their belt, the business owners have come to know and anticipate what locals want from their watering hole."
Press says Trust Porirua is looking for other investment avenues to ensure strong returns for the Trust and the community. The 18 gaming machines in Sandbar are operated under the auspices of New Zealand Community Trust (NZCT).
